SUNOTEC, a renewable energy development and construction company, announced the acquisition of a 100% stake in SIA DSE Lazas Solar from Danish Sun Energy, a renewable project developer, to build a 400 MWp solar project with a 600 MWh battery energy storage system.
The total cost of the project, located in Cīrava Rural Territory, Lazas parish, Dienvidkurzeme Municipality, Latvia, is estimated to be up to €245 million (~$288.43 million).
The first phase of the project received a ready-to-build permit in June 2025, and the construction phase is expected to begin by the end of 2025. The project is expected to be fully operational by March 2027.
SUNOTEC will build the project, with Danish Sun Energy providing development of all the necessary permits and licenses as well as comprehensive design and engineering solutions.
The solar project will be equipped with a single-axis solar tracker system. Law firm Sorainen advised Danish Sun Energy on the transaction.
Kaloyan Velichkov, Executive Chairman of SUNOTEC, “This acquisition marks a pivotal step in expanding our strategic footprint in Northern Europe and is the continuation of SUNOTEC’s investment in co-located renewable systems that will be critical on the way to achieving the 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 sustainable impact.”
According to Mercom’s Q1 2025 Solar Funding and M&A report, about 13.6 GW of solar projects were acquired in Q1 2025 compared to 10.8 GW in Q1 2024.
In April, METLEN Energy & Metals, a Greek-based industrial and energy group and a wholly owned subsidiary of Glenfarne Asset Company (Glenfarne), entered into an agreement for Glenfarne to acquire a portfolio of Solar and Battery Energy Storage System assets in Chile. The acquisition is valued at $815 million, which also includes the assumption of debt and is based on certain financing assumptions and other adjustments.
