Estonian energy producer Sunly raised €300M in debt financing

Estonian energy producer Sunly has raised €300M in debt financing through the REDI HR2 fund from lead investor Rivage Investment, a Paris-based asset management firm. Copenhagen Infrastructure Partners (CIP) and Norwegian pension company KLP also participated in the deal.

Founded in Tallinn in 2019 by Priit Lepasepp, Sunly plans, develops, builds, and operates renewable energy power plants in Poland and the Baltics. The company's renewable energy portfolio and development includes 30.3 GW of solar and wind projects.

It also offers landowners the opportunity to lease or sell part of their land for wind turbines and solar panels. It uses the automated 3D electrification planner Rexplorer to analyze the amount of open space, the availability of power lines, and the absence of various restrictions. Leases can be for 30, 50, or 99 years, and there are usually no restrictions on agricultural use of the land, so the landowner can continue to graze animals or grow crops on their land.

Sunly will use the investment to develop 1.3 GW of solar, wind, storage, and hybrid energy parks in the Baltics and Poland. The company will start with the construction of four solar parks in Latvia with a total capacity of 553 MW. Sunly plans to build several large hybrid solar parks in Lithuania, as well as small and large solar parks in Poland by the end of 2026.