Sunly, a renewable energy producer operating in the Baltics and Poland, has successfully closed a 60 million EUR equity funding round led by existing shareholders, with significant contributions from European Bank for Reconstruction and Development (EBRD), Mirova, and Vardar. This funding follows Sunly’s 300 million EUR debt financing round in August 2024.
The newly secured investment will support the development of hybrid parks across the Baltics. Among the first projects to benefit from this funding is the 244 MW Risti solar park in Estonia, which will generate enough electricity to cover the annual consumption of 55,000 households. Risti, which is set to begin operations in 2026, is designed as a hybrid park, with future plans to incorporate battery storage.
Construction has already begun on three solar parks in Latvia, with a combined capacity of 225 MW. Additionally, work on a fourth Latvian solar park is set to begin next year, adding another 328 MW to Sunly’s portfolio. These Latvian parks are also being designed with hybrid capabilities, with plans for future integration of wind, battery storage, or a combination of both. By the end of 2026, Sunly’s 1.6 GW portfolio will also feature large hybrid solar parks in Baltics, as well as various small and large solar parks across Poland.
Priit Lepasepp, co-founder and CEO of Sunly, highlighted the importance of the continued trust shown by investors. “The increased commitment from our existing investors demonstrates their confidence in Sunly’s ability to bring our ambitious plans to life. Risti is a prime example, as we have financed both the solar park and its connection point, paving the way to add storage capabilities and wind turbines at a later stage. This makes Risti one of the largest hybrid projects in the Baltics,” said Lepasepp.
Grzegorz Zielinski, EBRD’s Head of Energy Europe added: “Supporting the region’s clean energy development and promoting cross-border expansion of clean energy producers is a key priority for the EBRD. This additional participation in Sunly reconfirms the Bank’s commitment to strengthening its partnerships, promoting a sustainable future and delivering climate targets”. The Bank will continue to lend it expertise to shape Sunly’s value creation, environmental, social and governance practices, and gender and economic inclusion objectives.
With this investment Sunly’s expansion has been backed by a total of €825 million debt and equity capital from investors, including the French fund Mirova, the European Bank for Reconstruction and Development (EBRD), Vardar, and various banks. In August 2024 Sunly secured 300 mEUR debt financing from Rivage and Copenhagen Infrastructure Partners (CIP), with additional participation from the Norwegian largest pension company Kommunal Landspensjonskasse (KLP) through funds managed by CIP.
