SUNOTEC has successfully completed the acquisition of a significant solar and energy storage project in Latvia, marking a strategic expansion into Northern Europe. The US firm completed the acquisition of SIA DSE Lazas Solar’s project from Danish Sun Energy. This acquisition not only enhances SUNOTEC’s portfolio but reinforces its commitment to advancing renewable energy systems.
The main objective of the project is the construction of a photovoltaic (PV) solar power plant, with an installed capacity of 400 megawatts peak (MWp). It will feature a 600 megawatt hour (MWh) battery energy storage system (BESS). The whole arrangement is planned to be in service by March 2027. This acquisition follows SUNOTEC’s first divestiture. In November 2024, they successfully sold a 265MWp PV solar plant to Latvenergo, the state-owned utility of Latvia, marking their growing footprint in the recently-liberalized region.
Strategic Importance of the Acquisition
Kaloyan Velichkov, executive chairman of SUNOTEC, stressed the strategic value of this acquisition. He said that it represents a key step in further strengthening the company’s presence in Northern Europe.
“This acquisition marks a pivotal step in expanding our strategic footprint in Northern Europe and is continuation of SUNOTEC’s investment in co-located renewable systems that will be critical on the way to achieving future of clean energy, energy security, flexibility and electrification,” – Kaloyan Velichkov.
What makes the Lazas solar park special is this intersection of all three, scale, storage and grid-ready infrastructure. Velichkov, further sharing that it signifies SUNOTEC’s dedication to advancing the energy transition with urgency, accuracy, and enduring sustainable effect.
Project Details and Timeline
The project site is in the Cīrava Rural Territory in the Dienvidkurzeme municipality. The Padure 330kV substation is part of the synchronized project 【6†source】. This substation is expected to connect the solar park to Latvia’s national grid through high-voltage lines.
Construction is scheduled to begin in late 2025. This comes on the heels of that project’s first phase recently winning its individually prepped, ready-to-build permit in June 2025. The estimated total investment for the solar and BESS park is around €245 million ($288 million).
Furthermore, the project is making use of leading-edge single-axis tracker systems, which will enable solar panels to tilt and pivot east–west over the course of the day. This technology increases electricity generation by an average of 11% per year, making it a highly efficient choice for capturing solar energy.
A Commitment to Renewable Energy
Representatives from DSE, including Carsten Tilm, impressed upon the importance of this pilot project. It would further solidify their status as the nation’s top greenfield developer.
“We saw the opportunity for developing solar projects in Latvia in early 2021 and commenced development of two projects to obtain all permits and licenses. After having completed the first divestiture of a 265MWp PV solar plant with Latvian state-owned utility Latvenergo in November 2024, we have now completed the second utility-scale project at the ready-to-build stage on the PV solar and BESS side,” – Carsten Tilm.
SUNOTEC is taking a wider strategy with this acquisition. Finding ways to collectively invest in co-located renewable systems that help move us toward a more sustainable and resilient energy future. Renewable energy is surging to record highs all around the globe. This project furthers SUNOTEC’s position as a key player in Northern Europe’s booming renewable energy sector.