Sunly secures €62M loan to build the largest solar park in the Baltics

Estonian renewable energy company Sunly has received a €62 million loan financing from the European Investment Bank (EIB) in collaboration with local commercial banks SEB and Luminor. The company will use funding to build and operate a solar park in the country, accelerating the Baltic region’s green transition and electricity independence.

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.
Risti solar park, to be located 65 kilometres southwest of the capital Tallinn in Lääne County, is due to become operational by 2027. It will be the biggest photovoltaic (PV) production site in the Baltics with a capacity of 244 megawatt peak (MWp) – enough to power more than 80,000 households in Estonia. Solar park was built together with local landowner Metsagrupp.
Sunly currently operates 334 MW of renewable energy in the Baltics and Poland, has 839 MW under construction with an aim to reach 1 gigawatts operational and under construction by 2026.

Investment details

The EIB together with SEB and Luminor is lending the financing to Sunly. The EIB is lending €31 million to Sunly, while the remaining €31 million is covered by SEB and Luminor.

The project marks the EIB's first fully merchant renewable energy financing operation in the Baltic market, whose revenues will rely solely on sales in the electricity market.

"The EIB’s financing will support Sunly in developing the Risti solar park and its grid connection, designed to integrate battery storage and wind power at the same location. Selected technology is making it possible Sunly to add 1000 MWh of battery storage to the grid in the Baltics by the end of 2026. This setup enables flexible expansion, optimized revenues, and greater energy stability for the market," says Priit Lepasepp, CEO of Sunly.

The total project cost is estimated at €125 million. The project supports the EIB's Climate Action and Economic and Social Cohesion objectives and will benefit from an InvestEU guarantee.