What Happened

Sunly has officially opened its 54 MW solar park near Matīši, Latvia, marking the first phase of a €100M hybrid energy project. The project combines solar, wind, and battery storage technologies, with financing from the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), and SEB. Sunly also announced a strategic partnership with Rolls-Royce to develop battery storage systems across its Baltic portfolio.

Who Is Affected

The project impacts Sunly, its financial partners (EIB, EBRD, SEB), Rolls-Royce, and regional stakeholders including Valmiera Municipality and Latvia’s transmission system operator. The solar park already generates electricity for approximately 15,000 households.

Market Impact

• Strengthens Latvia’s renewable energy capacity, contributing to its Energy Strategy 2050 targets.
• Represents the largest battery storage deal with a privately owned company in the Baltics.
• Sets a precedent for hybrid energy park developments combining solar, wind, and storage technologies.

What to Watch

Monitor the progress of Sunly’s four solar parks in Latvia, including the 104 MW Zirņi project under construction, and the Rolls-Royce partnership’s development of battery storage systems. Additionally, watch for the construction of four wind turbines by 2028 as part of the hybrid energy park.