Sunly has secured €300m in debt financing to expedite the development of 1.3GW of renewable energy facilities, including solar, wind, storage and hybrid parks, across the Baltics and Poland.
The investment seeks to enhance regional energy security and independence, especially in anticipation of the upcoming separation from the Russian and Belarusian electricity grids.
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The financing, provided by Rivage Investment, Copenhagen Infrastructure Partners (CIP), and Kommunal Landspensjonskasse, will support the construction of integrated hybrid parks combining wind, solar and energy storage at a single connection point, enhancing energy production stability and reducing grid connectivity charges.
One of the initial projects to benefit from the raised funds is the 244MW Risti solar park in Estonia.
Sunly plans to expand this park to include wind turbines and battery storage.
Construction will commence on four solar parks in Latvia with a total capacity of 553MW, designed to support future integration with wind or battery storage.
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By GlobalDataThe investment portfolio includes several large hybrid solar parks in Lithuania and a range of solar parks in Poland, all scheduled for completion by the end of 2026.
These projects are part of a strategic move to reduce the region’s reliance on Russian energy, which has historically led to price volatility and supply disruptions.
Sunly’s expansion efforts have been backed by €765m in capital from investors including Mirova and the European Bank for Reconstruction and Development.
In 2023 alone, Sunly raised around €200m from its existing investors to further its mission of regional energy transformation and security.
Sunly co-founder and chief executive Priit Lepasepp stated: “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.”
