Sunly, an independent renewable energy producer based in Tallinn, has announced the acquisition of €300 million in debt financing. This substantial funding will bolster the development of 1.3 gigawatts of renewable energy projects, including solar, wind, storage, and hybrid parks across the Baltics and Poland. Sunly’s mission is to enhance regional energy security while reducing reliance on imported fossil fuels. This capital injection will also provide a significant push toward the decarbonisation efforts in these regions. Moreover, as energy demands rise, especially among large industrial clients, Sunly’s integrated hybrid parks promise more stable and efficient energy production.
Sunly continues its expansion following the pattern of securing large funds for renewable projects. The company raised €200 million in 2023, aiming to advance solar and wind parks in Estonia, Latvia, Lithuania, and Poland. The latest financing further consolidates Sunly’s strategy of developing integrated hybrid parks to stabilise energy production and decrease grid connectivity charges. This move aligns with the company’s historical focus on regional energy security and operational efficiency, benefiting consumers significantly.
Rivage Investment, Copenhagen Infrastructure Partners (CIP), and KLP are among the key investors supporting this initiative through their respective funds. These investments reflect a shared commitment to enhancing energy security and delivering environmentally sustainable solutions. Sunly’s CEO, Priit Lepasepp, highlighted the importance of this funding in advancing infrastructure and expanding their renewable energy pipeline.
Investors and Their Roles
“We are delighted to support Sunly’s strong leadership team through their ambitious growth trajectory and to help accelerate the construction of hybrid renewable energy parks across the Baltics and Poland,”
said Gaétane Tracz, Partner and Head of the Infrastructure Debt team at Rivage Investment.
“This financing package will contribute significantly to the development and construction of renewable energy projects, supporting the decarbonisation ambitions across the Baltics and Poland, and represents an attractive investment for our Green Credit Fund I,”
added Jakob Groot, Partner at CIP and Co-Head of the CI Green Credit Fund I.
Capital Utilisation and Future Plans
“This investment enables us to improve our infrastructure with new grid connections and solar parks in the Baltics, which will support our onshore wind and storage pipeline expansion,”
stated Priit Lepasepp, CEO of Sunly.
“Our focus will be on building a hybrid pipeline with storage capabilities and advancing the electrification of heating and mobility systems, thereby diminishing our reliance on imported fossil fuels,”
he added.
Sunly plans to develop integrated hybrid parks combining wind, solar, and energy storage at a single connection point. This strategy aims to enhance regional energy security and operational efficiency. The Risti solar park in Estonia is among the first projects to benefit from this financing, capable of supplying energy to 55,000 households annually. Similarly, four solar parks in Latvia and several projects in Lithuania and Poland are set to be completed by 2026.
Sunly’s approach to creating hybrid renewable energy parks ensures stable energy production irrespective of weather conditions. The company’s focus on local renewable resources reduces grid connectivity charges, accounting for over half of the total energy costs. This strategy offers substantial benefits to large industrial clients with high energy consumption needs.
The commitment of investors like Rivage Investment, CIP, and KLP highlights the broader support for Sunly’s vision. The financing not only boosts Sunly’s capacity to develop renewable energy projects but also underscores the importance of sustainable investments in tackling global energy challenges. The focus on hybrid parks combining wind, solar, and storage technologies provides a replicable model for other regions aiming to improve energy security and reduce carbon footprints.
