Estonian energy producer Sunly raises €60M

Estonian energy producer Sunly has raised €60M from the European Bank for Reconstruction and Development (EBRD), Mirova, Vardar, and other existing investors.

Founded in Tallinn in 2019 by Priit Lepasepp, Sunly develops renewable energy projects in Poland and the Baltics with a portfolio of 30.3 GW in solar and wind energy. It enables landowners to lease or sell land for renewable energy installations, using the Rexplorer 3D planner to assess land suitability. 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.

The Latvian company will use the investment to develop hybrid parks in the Baltics. One of the first projects is a 244 MW Cross Solar Park in Risti, Estonia. In partnership with Finnish forest industry group Metsa, the project will integrate wind turbines and batteries, cost €125M, and is set to launch in autumn 2026. In Latvia, construction has begun on three solar parks with a total capacity of 225 MW. Next year, construction will begin on another solar park with a capacity of 328 MW. All parks in Latvia are planned as hybrid parks, which will integrate wind power, storage equipment, or a combination of both in the future.

In August 2024, Sunly raised €300M in debt financing through the REDI HR2 fund from lead investor Paris-based asset management firm Rivage Investment, Copenhagen Infrastructure Partners (CIP), and Norwegian pension company KLP.