Sunly, a major green energy provider, has received €300 million in debt financing to speed up the development of 1.3 GW of solar, wind, storage, and hybrid parks in the Baltics and Poland. This funding was supplied by Rivage Investment and Copenhagen Infrastructure Partners (CIP), with additional participation from Kommunal Landspensjonskasse (KLP).

About Sunly

  • Founded in 2019, Sunly is an independent energy producer which develops renewable energy projects in the Baltics and Poland. Sunly also manages a renewable energy and electrification portfolio of startups in Estonia.

  • Sunny responds to the challenges the EU faces in reducing its reliance on Russian gas, with countries importing 30% more natural gas in May 2024 compared to September 2022. Russia's influence in the Baltic states and Poland has historically exposed these areas to price fluctuations and supply disruptions, leading to higher energy costs.

  • Sunly intends to build integrated hybrid parks comprising wind, solar, and energy storage batteries at a single connecting point, increasing energy output stability and cost effectiveness by lowering grid connectivity expenses. This method is expected to help major industrial clients with significant energy consumption, hence improving regional energy and operational efficiency.

Financing details

The secured financing demonstrates considerable investor trust in Sunly's ability to lead regional energy reform.

“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. 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,” Priit Lepasepp, co-founder and CEO of Sunly, states.

This funding was supplied by Rivage Investment through REDI HR2, its second high yield infrastructure debt fund and its Fund for Infrastructure Climate Solutions, and Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I, with additional participation from Norway's largest retirement benefits company, Kommunal Landspensjonskasse (KLP), through CIP-managed funds.

  • Among the first projects to benefit from this funding is Estonia's 244 MW Risti solar park, which can supply 55,000 families with electricity each year. Sunly, which is now established as a hybrid park, has plans for future growth that include onshore wind turbines and battery storage. 

  • Construction will also begin immediately on four solar farms in Latvia, totalling 553 MW. These Latvian parks are also hybrids, with plans to incorporate wind, battery storage, or a combination of the two. By the end of 2026, the 1.3 GW portfolio will contain many big hybrid solar parks in Lithuania and both small and large solar parks in Poland.

To date, Sunly has received a total of €765 million in loan and equity funding from investors, comprising French fund Mirova, the European Bank for Reconstruction and Development (EBRD), and other institutions.