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- Sunly raised €300 million from major European investors to expand renewable energy capacity in the Baltics and Poland.
- Investment will support the construction of 1.3 GW of solar, wind, storage, and hybrid parks across the region.
- The initiative aligns with the ambitious renewable energy goals of Estonia, Latvia, Lithuania, and Poland for 2030.
Sunly’s Major Investment Move
Renewable energy company Sunly has secured €300 million in funding to enhance its production capacity in the Baltics and Poland. This significant investment, sourced from prominent Scandinavian and French investors, aims to develop 1.3 gigawatts (GW) of solar, wind, storage, and hybrid parks in the region.
Investor Backing
The funding was provided by Rivage Investment, operating through a climate-focused fund in France; Copenhagen Infrastructure Partners (CIP), the world’s leading renewable energy investor, via the Green Credit I fund; and the Norwegian pension fund KLP.
Gaétane Tracz, partner and head of the infrastructure debt team at Rivage, expressed support for Sunly’s leadership, stating, “We share Sunly’s mission to contribute to the energy security of the European Union and to make investments that have both attractive returns and ESG impact.“
Focus on Renewable Goals
Sunly’s CEO, Priit Lepasepp, emphasized the impact of this funding on regional renewable energy objectives. “We will use the investment for the construction of new grid connections and solar parks in the Baltics. This enables participation in local renewable energy tenders, which increase Sunly’s contribution to meeting the 2030 national renewable energy goals in the Baltics,” said Lepasepp.
Estonia’s Climate Minister, Yoko Alender, underscored the nation’s commitment: “Estonia has a definite plan – to produce all the electricity we need from renewable sources by 2030. What’s good for the climate is good for the wallet. Renewable energy is the cheapest. Every investment in renewable energy increases well-being and is a step towards a sustainable and safe future for us and future generations.”
Projects Underway
One of the flagship projects financed through this investment is the 244 MW solar park in Risti, Estonia, with plans to add wind turbines and battery storage in the future. The project is expected to cover the annual electricity needs of 55,000 households. Additional projects include four solar parks in Latvia with a total capacity of 553 MW and several hybrid solar farms in Lithuania and Poland.
Jakob Groot, CIP partner and co-head of CI Green Credit Fund I, highlighted the importance of this collaboration: “This financing package significantly contributes to the development and construction of renewable energy projects, supporting the ambitions of the Baltic States and Poland to reduce carbon emissions, and is an attractive investment for our Green Credit Fund I.“
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Commitment to Sustainable Growth
Sunly’s expansion aligns with its broader goal of developing 4.6 GW of solar and wind farms with storage technology across Poland and the Baltics by 2030. Oliver Siem, director of investments and operations at KLP, noted, “This is one of the many steps in achieving our goal of being in line with the Paris Agreement by 2050.”
With this latest funding round, Sunly has raised a total of €765 million in debt and equity capital for renewable energy development in the region, showcasing its commitment to sustainable growth and energy security in Europe.