Tallinn-based Sunly, a leading renewable energy producer, has secured €300 million in debt financing to advance the development of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland. The funding will support Sunly’s mission to enhance energy security in the region through sustainable energy projects.
The investment was led by Rivage Investment, through its REDI HR2 fund and Fund for Infrastructure Climate Solutions, and Copenhagen Infrastructure Partners (CIP) via its Green Credit Fund I. Norway’s largest pension company, KLP, also contributed through CIP-managed funds. These strategic partnerships will help Sunly scale its operations and deliver on its promise of producing clean energy for the European Union.
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Capital Utilization and Project Expansion
Sunly plans to utilize the funds to improve infrastructure with new grid connections and solar parks in the Baltics, expanding their onshore wind and storage pipeline. The company will develop integrated hybrid parks combining wind, solar, and energy storage to stabilize energy production and reduce grid connectivity costs. Key projects include the 244 MW Risti solar park in Estonia and multiple solar parks in Latvia, Lithuania, and Poland, all expected to be completed by the end of 2026.
Driving Renewable Energy Forward
Sunly’s CEO, Priit Lepasepp, emphasized the importance of this investment in reducing energy costs and enhancing regional energy security. The company’s strategy focuses on advancing the electrification of heating and mobility systems to reduce reliance on imported fossil fuels and optimize local renewable resources.
Backed by a total of €765 million in debt and equity capital, including previous investments from Mirova and the European Bank for Reconstruction and Development (EBRD), Sunly is well-positioned to lead the renewable energy transition in the Baltics and Poland.
