Sunly RES portfolio - Latvia (EBRD-55542)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Latvia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 9, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Sunly AS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 41.69 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 37.35
Converted using 2025-05-16 exchange rate.
Loan Amount (USD)
$ 41.69 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 37.35
Converted using 2025-05-16 exchange rate.
Project Cost (USD)
$ 251.15 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 225
Converted using 2025-05-16 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 10, 2025

Disclosed by Bank May 16, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the Project involves the development, construction, and operation of a solar PV portfolio comprising four solar power plants (SPPs), with a total capacity of 325MW in Latvia. The Borrower, Sunly Holding 2 SIA, is a limited liability company incorporated in Latvia specifically for holding the respective Project SPVs. Sunly Holding 2 SIA is fully owned by Sunly AS (Sunly), a renewable energy developer and independent power producer based in Estonia, operating across the Baltic countries and Poland.

The Project will contribute to climate mitigation by adding 325MW solar generation capacity to Latvia's national energy system. Renewable energy is critical to Latvia's commitment to achieving climate neutrality by 2050. The additional capacity to Latvia's grid will enable the Project to accelerate the expansion of the country's solar sector, complementing existing hydropower generation by providing peak output during the summer months. Importantly, the Project will also foster greater private sector participation in a market largely dominated by state-owned entities.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, Sunly is a renewable energy developer and independent power producer based in Estonia, operating in the Baltic countries and Poland. Sunly finances, develops, builds and operates renewable energy projects with a pipeline of renewables in different stages of development in excess of 20GW.

Sunly is an existing Bank client, and the Bank is its shareholder.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sunly AS Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Sunly AS:

Email: info@sunly.ee
Website: www.sunly.ee
Address: Telliskivi 60/5, 10412 Tallinn, Estonia

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works