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SUNOTEC acquires large-scale co-located park with 400 MWp PV solar and 600 MWh BESS storage in Latvia from Danish Sun Energy ApS

 

SUNOTEC, one of Europe’s leading renewable energy development and construction companies, has acquired 100% of the share capital in SIA DSE Lazas Solar from Danish greenfield developer Danish Sun Energy ApS to build a new PV solar power plant with a total capacity of 400 MWp (megawatts DC) with a storage capacity of 600 MWh (megawatthours) battery storage with commissioning planned for March 2027 (the “Project”).

 

Kaloyan Velichkov, Executive Chairman of SUNOTEC : “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. The Lazas Solar Park combines scale, storage, and grid-ready infrastructure – exactly the kind of project that reflects SUNOTEC’s commitment to accelerating the energy transition with speed, precision, and long-term sustaibable impact.”

 

Carsten Tilm, Partner and CEO of Danish Sun Energy ApS (DSE): “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 265 MWp PV solar plant with Latvian state-owned utility Latvenergo in Nov 2024, we have now completed the second utility-scale project at Ready-to-Build stage on the PV solar and BESS side. The completion of this large-scale project highlights DSE as a leading greenfield developer across several countries and augments the growing EPCM business, where we design, engineer, procure and construct turnkey solar and battery storage projects for our clients, which we are also very active in.”

 

The Project’s first phase has received Ready-to-Build permit in June 2025 and construction phase is expected to be started by end of 2025 while the construction of a new 330 kV substation located near Padure with the Latvian TSO – AS “Augstsprieguma tīkls” will begin in July 2025. The Project will be built by SUNOTEC and is expected to be grid connected and fully operational by March 2027 with Danish Sun Energy providing development of all the necessary permits and licenses as well a comprehensive design and engineering solutions.

 

The site of the solar park is located in Cīrava Rural Territory, Lazas parish, Dienvidkurzeme Municipality. The Project involves the construction of a 330 kV substation, “Padure”, with a connection to a 330 kV high-voltage line on the Latvian national grid.

 

The total cost of the solar/BESS park is estimated at up to EUR 245 million.

 

Solar panels with a total capacity of 400 MWp on structures equipped with a single-axis solar tracker system will be installed at Lazas Solar Park, which enables the angle of solar panels to be changed and repositioned in the east and west directions, thus increasing the effective production time of the solar park in the morning and evening hours. In total, the tracker system allows the park to increase the total electricity production by approximately 11% per year compared to traditional south-facing solar parks.
The acquisition of 100% of SIA DSE Lazas Solar shares by SUNOTEC was completed through a project merger and acquisition (M&A) transaction by acquiring the solar project development company under construction. This will enable Sunotec to have significant energy generation capacity at its disposal by March 2027. The Lazas Solar project was subject to due diligence, which concluded that the project is technically and economically feasible and will provide high expected returns, as well as a fast implementation schedule and start of power generation.

 

Law firm “Sorainen”, consultants “KPMG Latvia” and PPA Advisors “OurNewEnergy” acted as advisors to “Danish Sun Energy” ApS.

 

About SUNOTEC

 

SUNOTEC is a leading European solar solutions provider with a c.11% market share in the construction of utility-scale photovoltaic plants and battery storage systems. It has delivered over 650 solar projects with a total installed PV capacity of 11 GW, employs more than 2,000 professionals, and operates the largest fleet of construction equipment in the European solar sector. SUNOTEC offers a comprehensive range of services, including geology, engineering, construction, procurement, integration, operations and maintenance (O&M), repowering and decommissioning of solar PV and battery storage systems.
www.sunotec-group.com

 

About Danish Sun Energy

 

Headquartered in Aalborg, Denmark and founded in 2013, Danish Sun Energy ApS is an experienced Renewable Energy Source developer and a leading Photovoltaic (PV) system solution provider with a global reach and has a 1,3 GW portfolio of projects delivered or under development, scattered across Denmark, Spain and the Baltics.
www.danishsunenergy.com

Latvenergo AS, Latvia’s leading energy company, has acquired 100% of the capital shares in SIA DSE Aizpute Solar from Danish greenfied developer Danish Sun Energy ApS to build a solar power plant with a total capacity of 265 MWp (megawatts DC) by the end of 2025. This is a significant step in implementing the objective defined in the operational strategy of Latvenergo – making a decisive contribution to achieving the goals of the Latvian Green Deal by expanding and diversifying its generation portfolio with green technologies, moving towards climate neutrality in 2050.

 

Chairman of the Management Board of Latvenergo AS Mārtiņš Čakste: “In 2024, we have been working hard to expand our operations in our domestic market – the Baltic states, and I am pleased that, in addition to acquiring new generation assets beyond our home country, we have now significantly consolidated our energy generation positions in Latvia. The project, which, in terms of installed capacity, is equivalent to the Ķegums HPP, will balance the supply of electricity to our customers during the warm season when we have been in a deficit situation to date and when the demand for energy is increasing. The implementation of this year’s projects will enable Latvenergo to generate 1.7 TWh of electricity, which is equivalent to 1/4 of Latvia’s consumption.”

 

Carsten Tilm, Partner and CEO of Danish Sun Energy ApS (DSE): “As a leading greenfield developer in several countries, 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. We have agreed with Latvenergo to sell the fully developed project at Ready-to-Build stage on the PV solar side, whereas the Construction of a new 330 kV substation has already begun Construction in July 2024 with the Latvian TSO – AS “Augstsprieguma tīkls”. It will also be Danish Sun Energy ApS in partnership with Sunotec Group GmbH, who will deliver the Project under a turnkey EPC Contract to Latvenergo for a fully operational and commissioned PV solar plant by end of 2025”.

 

Viktors Valainis, Minister for Economics of the Republic of Latvia: “It is important for the Latvian economy to invest in the development of solar and wind farms, which are low-capital-cost technologies, in order to reduce prices, and the implementation of these projects does not require state financial support. I see that Latvenergo has all the necessary competencies in place to successfully implement renewable energy projects and to do so as quickly and efficiently as possible.”

 

The site of the solar park is located in Cīrava Rural Territory, Dienvidkurzeme Municipality, The project involves the construction of a 330 kV substation, “Cīrava”, with a connection to a 330 kV high-voltage line on the Latvian national grid. The total cost of the solar park is estimated at up to EUR 135 million.

 

Solar panels with a total capacity of 265 MWp on structures equipped with a single-axis solar tracker system will be installed at Aizpute Solar Park, which enables the angle of solar panels to be changed and repositioned in the east and west directions, thus increasing the effective production time of the solar park in the morning and evening hours. In total, the tracker system allows the park to increase the total electricity production by approximately 11% per year compared to traditional south-facing solar parks.

 

The acquisition of 100% of SIA DSE Aizpute Solar shares by Latvenergo was completed through a project merger and acquisition (M&A) transaction by acquiring the solar project development company under construction. This will enable Latvenergo to have significant energy generation capacity at its disposal before the end of the current strategy period of the Group (until 2026). In mid-2023, Latvenergo AS, together with the consultant PricewaterhouseCoopers SIA, carried out a selection procedure of renewable energy resource developers and projects developed by them in Latvia. Several merchants submitted their bids regarding renewable energy projects at their disposal. Within the framework of the procedure, Latvenergo AS acquired 7 solar parks with a total capacity of 40 MW through mergers and acquisitions earlier this year and has now decided to acquire the Aizpute Solar project. The Aizpute Solar project was
subject to due diligence, which concluded that the project is technically and economically feasible and will provide high expected returns, as well as a fast implementation schedule and start of power generation.

 

Law firm “COBALT” acted as legal advisor to “Latvenergo”, while law firm “Sorainen” and consultant “Deloitte Latvia” acted as advisors to “Danish Sun Energy” ApS.

 

Latvenergo Group aims to develop an additional 2.3 GW of renewable energy generation capacity across the Baltic states. In this year of the 85th anniversary of Latvenergo, intensive construction of solar and wind power plants is in progress, enabling the Group to increase its RES portfolio by 130 MW
within a short term this year and another 1,000 MW by 2026.

 

Headquartered in Aalborg, Denmark and founded in 2013, Danish Sun Energy ApS is an experienced Renewable Energy Source developer and a leading Photovoltaic (PV) system solution provider with a global reach and has a 2 GW portfolio of projects delivered or under development, scattered across Denmark, Spain, Kenya and the Baltics.