Sunly receives a 30-million-euro investment from EBRD
Sunly, a Pan-Baltic & Polish independent power producer welcomes EBRD as a new minority investor with a 30-million-euro equity commitment for green energy development in the Baltic States and Poland. This completes Sunly’s capital raise started in 2022, making the total injected capital around 230 million.
The investment of the European Bank for Reconstruction and Development (EBRD) will enable Sunly to expand its renewable energy capacity in the Baltics and Poland, which is crucial for achieving significant greenhouse gases’ emissions savings, and for promoting energy security in the region.
Grzegorz Zielinski, EBRD’s Head of Energy Europe said: “We are delighted to partner with Sunly and support its growth journey. Fast growing renewable developers, such as Sunly, are central to the achievement of climate targets in Estonia and the region, and we look forward to lending our expertise to help develop its capacity further and contribute to the region’s green energy transition.”
By investing in Sunly, EBRD is joining the pool of Sunly’s institutional investors led by Mirova – conviction-based asset management firm dedicated to sustainable investment. As a new minority shareholder, EBRD will also work with Sunly to help strengthen its environmental, social, and corporate governance (ESG) practices, particularly focusing on the management of supply chain risks and issues.
Priit Lepasepp, the Chairman of the Board of Sunly said: “We are thrilled to have the support of such a distinguished and influential investor in the clean energy sector like EBRD. Their commitment to fostering sustainable growth aligns perfectly with Sunly’s mission, and we could not be prouder to have them as an investor when building renewable energy security in the Baltics & Poland.”
Sunly is one of the fastest growing privately owned renewable energy developers and independent power producer (IPP) based in Estonia, operating in Poland and the Baltic countries. The company benefits from a diverse shareholding base, including Mirova, a sustainability-focused French asset manager.
The EBRD is a leading institutional investor in Poland and the Baltic States. To date, the Bank has invested €12.6 billion in 496 projects in Poland, €1.3 billion in 117 projects in Lithuania, €991 million in 100 projects in Latvia, and €905 million in 105 projects in Estonia.