Sunly has secured a debt financing package of €300 million for its renewable energy parks
It will accelerate the construction of 1.3 GW of its solar, wind and hybrid parks
All the select projects are located in the Baltics and Poland including its home turf Estonia
Estonian renewable energy producer Sunly has raised a €300 million debt financing to accelerate the construction of its 1.3 GW solar, wind, storage and hybrid parks located across the Baltics and Poland.
The financing package comes from French investor Rivage Investment via its 2nd high yield infrastructure debt fund REDI HR2, and its Fund for Infrastructure Climate Solutions. Another contributor to the proceeds is Copenhagen Infrastructure Partners’ (CIP) Green Credit Fund I and Norway’s largest pension company Kommunal Landspensjonskasse (KLP) through funds managed by CIP.
One of the earliest projects to be financed from these proceeds is the 244 MW Risti Solar Park in Estonia. Under construction currently, its completion is scheduled for early 2026. According to the company, it will be the largest solar park in the Baltics on completion (see Europe Solar PV News Snippets).
In the future, Sunly plans to expand this project to include onshore wind turbines and battery storage.
Among other beneficiary projects are 4 solar parks in Latvia, representing a combined 553 MW capacity. These will also be paired with wind or energy storage, or a combination of both. The remaining capacity in the 1.3 GW portfolio includes several large hybrid solar parks in Lithuania and both small and large solar parks in Poland.
Sunly said it intends to develop integrated and hybrid parks that combine wind, solar and energy storage batteries at a single connection point and direct line to consumers. This improves energy production stability in various weather conditions and saves costs by reducing grid connectivity charges which, it believes, is forecast to account for more than half of the energy cost.
The Baltics and Poland are Sunly’s target regions as these have been historically exposed to price fluctuations and supply disruptions due to geopolitical tensions with Russia’s significant influence in the regional energy market.
“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,” said Sunly Co-Founder and CEO, Priit Lepasepp. “To help reduce energy costs, our focus will be on two key areas: building a hybrid pipeline with storage capabilities and advancing the electrification of heating and mobility systems, thereby diminishing our reliance on imported fossil fuels and optimising the use of local renewable resources.”
Earlier this year in February 2024, Sunly raised €66 million from mBank Finance for 98 MW PV capacity in Poland (see €66 Million Project Financing Announced For Polish Solar Parks).