Cobalt, working alongside Clifford Chance, has advised the European Investment Bank, the European Bank for Reconstruction and Development, and SEB on a EUR 85 million financing package for Sunly. Sorainen, working with CMS, advised Sunly.
According to Cobalt, the financing is aimed at developing four new solar parks in Latvia, with a combined capacity of 329 megawatts. The solar parks are expected to meet the annual electricity consumption of up to 180,000 households and are slated for completion by early 2027. The EUR 85 million in loans includes EUR 35.2 million from both the EIB and EBRD, and EUR 14.4 million from SEB, all backed by InvestEU guarantees.
The Cobalt team included Partners Edgars Lodzins and Dace Silava-Tomsone, Specialist Counsel Andrejs Lielkalns, Senior Associates Martins Tarlaps, Inga Tenisa, and Krisjanis Buss, and Associates Krista Helmute and Toms Dreika.
The Sorainen team included Partners Rudolfs Engelis and Jorens Jaunozols, Of Counsel Martins Rudzitis, Counsels Inese Heinacka, Natalija Gravele, and Renate Purvinska, Senior Associates Zanda Frisfelde, Kamilla Alma Vilderson, and Oliver Amarik, Associates Elizabete Madara Titova, Kate Berlaua, and Julija Trisuka, and Legal Assistants Gabriela Mora Petrovica, Evija Velvele, Martina Kierpe, Herta Cesniece, and Mariuss Raits Bergmanis.
