Sunly 2024 Annual Report: Twice as Much Clean Energy Produced as in the Previous Year

Sunly produced 217 GWh of clean energy in 2024, which is more than twice as much as the year before. Additionally, the capacity of operating parks increased from 164 MW to 334 MW. Read the full report HERE.

According to Sunly's Chairman of the Board Martin Kruus, both in 2024 and today, the focus has been on questions of how to synchronize renewable energy production with consumption patterns. How to implement new technologies while motivating consumers to change their energy consumption habits? "At Sunly, we believe that our activities should always start from customer needs and experience, based on which we can develop suitable solutions. It is no longer important how much renewable energy we can produce, but whether we can offer our output to the grid in a way that benefits consumers with different needs," added Kruus.

Key achievements of 2024:

Electricity Production

• In Estonia, the Raba 45 MW solar park began operations.
• Six parks with a total capacity of 52 MW started operating in Latvia: 13.1 MW solar park near Lake Liepāja (Aplociņi); 12 MW solar park near Alūksne town (Vārpas); 10.8 MW solar park in Barkavas (Muižas avotiņi); 6.7 MW solar park in Jelgava region (Pauči); 4.98 MW solar park in Bauska region (Jaunlieldrēģeļi); 4.3 MW solar park in Bauska region (Skanuļi).

Electricity Sales

• Electricity sales revenue more than doubled across the entire group.
• Sunly's retail and innovation branch expanded its Estonian client base to 80 business clients, including well-known telecommunications companies Telia and Elisa.
• Of the 80 business clients, 15 adopted the new remote park product, which was launched in mid-2024. The remote park fixes electricity prices from local solar and wind energy, covering up to 60% of annual electricity needs. A total of 5870 MWh was sold to contracted clients in Estonia. Today, residential consumers can also join Sunly's electricity package.

Park Construction

• In Estonia, we began the construction of the Risti 244 MW solar park.
• Construction began on three large solar park projects in Latvia with a total capacity of 225 MW.

Funding

• MBank is financing Sunly's Polish projects with 71 million euros. This includes refinancing the 60 MW solar park in Rzezawa, near Krakow, which was launched in 2023.
• We raised 300 million euros from investors Rivage Investments, Copenhagen Infrastructure Partners (CIP), and Kommunal Landspensjonskasse (KLP) through funds managed by CIP, including refinancing LHV's 14-million-euro bond.
• We gathered 60 million euros in equity funding from current shareholders, including the largest investors: European Bank for Reconstruction and Development (EBRD), Mirova, and Vardar.

Community Engagement

• We started a Community Day tradition and for the first time brought together landowners, municipal officials, and people living around the parks.
• We signed cooperation memorandums with Põlendmaa, Alutaguse, and Valga municipalities. These agreements ensure that we develop wind parks in close cooperation, prioritizing local well-being and approaching challenges constructively. Additionally, through cooperation agreements, we enable communities to access cheaper electricity when wind parks become operational.
• Five new solar-powered food sharing stations were added to our network of 15. These helps reduce food waste, promote sustainability, support local communities, protect the environment, and raise awareness.