We advised Sunly, a renewable energy producer, on securing a loan of almost EUR 85 million from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and SEB to build four solar parks in Latvia with a total capacity of 329 megawatts (MW) – enough to meet the annual electricity consumption of up to 180,000 households.
The project marks one of Latvia’s most ambitious renewable-energy initiatives to date and will accelerate the Baltic region’s shift to clean power while enhancing Latvia’s energy independence. The financing package includes loans of EUR 35.2 million from the EIB, EUR 35.2 million from the EBRD and EUR 14.4 million from SEB.
“We are grateful for the opportunity to work on deals that promote our firm’s core purpose: to increase prosperity in the Baltic region!” says Rūdolfs Eņģelis, partner and co-head of the firm’s regional Finance & Insurance practice group.
Our involvement and team
We advised Sunly as a local counsel, with CMS acting as the lead counsel, in providing full legal support, including conducting due diligence, drafting and reviewing agreements, and managing documentation. We are continuing to assist the client in completing pre-closing and closing activities.
The main legal challenges faced included navigating complex Latvian legal security agreements, ensuring compliance with local regulations, and coordinating multiple stakeholders’ interests.
The financing team was led by partner Rūdolfs Eņģelis and counsel Inese Heinacka; whereas LDD team was led by partner Jorens Jaunozols and counsel Natālija Grāvele. Sorainen team consisted of counsel Renāte Purvinska, senior associates Zanda Frišfelde, Kamilla Alma Vilderson, Oliver Amarik, of counsel Mārtiņš Rudzītis, associates Elizabete Madara Titova, Kate Berlaua, Jūlija Triščuka, legal assistants Gabriela Mora Petroviča, Evija Velvele, Martina Ķierpe, Herta Cēsniece, Mariuss Raits Bergmanis.
More information about the project is available here.
