Sunly Secures €300M for Baltic and Polish Renewable Projects

  • Sunly secured €300 million to accelerate 1.3 GW of solar, wind, and storage projects in the Baltics and Poland.
  • Initial projects include a 244 MW Estonia solar farm and four Latvia solar projects totalling 553 MW.
  • Estonia, Latvia, and Lithuania plan to decouple their power grids from Russia and Belarus by February 2024, boosting energy security.

Estonian renewable energy firm Sunly secured €300 million ($334.71 million) in debt financing to speed up the construction of 1.3 gigawatts (GW) of solar, wind, and energy storage projects across the Baltics and Poland.

Rivage Investment, Copenhagen Infrastructure Partners (CIP), and Norway’s Kommunal Landspensjonskasse provided the funding, bringing Sunly’s total capital raised to €765 million, as reported by Reuters on Tuesday, August 27.

Sunly focuses on hybrid installations that combine wind, solar, and energy storage. These installations aim to deliver a direct line to consumers, improving supply stability for industrial clients. The company also seeks to enhance energy security in the region.

Estonia, Latvia, and Lithuania plan to decouple their power grids from Russian and Belarusian networks in February 2024. This move will significantly increase the region’s energy independence.

The new funding will support the development of the 244-megawatt (MW) Risti solar farm in Estonia. Additionally, Sunly plans to develop four solar projects in Latvia, with a combined capacity of 553 MW. These projects will play a crucial role in expanding renewable energy infrastructure in the Baltics, which remains essential for meeting regional and European energy goals.

Sunly’s investment strategy mirrors a growing trend in the energy sector toward hybrid systems. Integrating different renewable energy sources with storage can provide a more reliable power supply, especially in areas with variable weather conditions. This approach also aligns with broader European efforts to transition to greener energy and reduce dependence on fossil fuels.

Norway’s sovereign wealth fund announced on Monday, August 26, a €900 million ($1.01 billion) investment in CIP’s latest renewable energy fund. This commitment highlights the growing interest in renewable energy investments across Europe. With substantial funds flowing into renewable projects, the sector will experience significant growth in the coming years.

Rivage, CIP, and Kommunal Landspensjonskasse’s investment in Sunly’s projects reflects strong confidence in the company’s vision. Europe faces the twin challenges of energy security and climate change, and investments in renewable energy increasingly appear necessary and profitable.

The company’s projects will also create jobs in the Baltics and Poland. The construction and operation of these renewable energy facilities will require a skilled workforce, providing economic benefits to the regions involved. Additionally, the successful implementation of these projects could set an example for other countries aiming to expand their renewable energy capacity.

These ambitious plans by the firm highlight the critical role of renewable energy in ensuring a sustainable and secure energy future for Europe. The company’s efforts significantly contribute to meeting the EU’s climate goals and reducing the continent’s reliance on non-renewable energy sources.

Sunly’s €300 million financing round marks a significant milestone in its mission to expand renewable energy across the Baltics and Poland. With major projects already in the pipeline, Sunly stands well-positioned to transform the region’s energy landscape.

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