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”). This is a significant step in implementing the objective defined as in the strategy of SUNOTEC.

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.