Sunly, with €300 million, will further strengthen renewable energy in the Baltics and Poland.
BALTIC STATES, August 26, 2024 – In a major boost to the sustainable energy infrastructure of Baltics and Poland, Sunly, one of the leading renewable energy developers, successfully secured €300 million from major European investors. Fresh capital will be used toward supporting the construction of 1.3 GW of new solar, wind, storage, and hybrid energy parks across the region, contributing directly toward the 2030 renewable energy targets for Estonia, Latvia, Lithuania, and Poland.
Sunly’s major investment move
The significant new investors in the firm include a group of leading Scandinavian and French companies: Rivage Investment, via its climate fund based in France; Copenhagen Infrastructure Partners, or CIP, through the Green Credit I fund; and the Norwegian pension fund KLP. This capital injection will help Sunly continue to grow its renewable energy portfolio and reinforce the transition towards sustainable energy solution provision in the Baltics and Poland.
CEO of Sunly Priit Lepasepp emphasized that this funding is important for achieving regional energy goals. “We will use the investment to develop new grid connections and to build solar parks in the Baltics. It allows us to participate in local renewable energy tenders and increases the contribution of Sunly in meeting the 2030 national renewable energy goals in the Baltics,” Lepasepp said.
Strategic investment will finance solar, wind, and hybrid park developments, of which the projects have already started with the initial set. A flagship project in Risti, Estonia, would contribute to 244 MW with a solar park, ranking it among the largest in the region. The plan includes the addition of wind turbines and battery storage in the near future. The Risti project alone could power approximately 55,000 households annually.
Heavy Investors Support Green Expansion
The support by heavy investors shows an increased confidence in the Baltics and Polish renewable energy potential. Gaétane Tracz, a partner at Rivage Investment and the head of the infrastructure debt team at the investment company, is a firm believer in Sunly’s leadership: “We share Sunly’s mission to contribute to the energy security of the European Union and make investments with attractive returns and ESG impact.”.
CIP, being one of the world leaders in investments related to renewable energy, has been crucial to the funding round. Jakob Groot, partner at CIP, co-head of CI Green Credit Fund I, commented: “This facility is in line with the core values of the development and construction of Renewable Energy Projects [and] furthering the goals of the Baltic States and Poland for the reduction of carbon emissions will be an attractive investment for our Green Credit Fund I.”.
KLP, being the Norwegian pension fund committed to sustainable investment, took it in the light of the overall impact this present round for funding. In his comment, Oliver Siem, who is the investment and operations director at KLP, said, “This is one of the many steps in achieving our goal of being in line with the Paris Agreement by 2050.”
Focus on National Renewable Energy Goals
Yoko Alender, Estonia’s climate minister, put the emphasis about the boost it gave earlier national claims for pretty high green success goals for energy: “Estonia diametrally has a definite plan – to produce all the electricity i we need by 2030. What’s good for the climate is good for the wallet. Renewable energy is the cheapest. “With every investment in renewable energy, well-being grows further and means yet another step closer to a sustainable and secure future for us and the future generations.”
In Latvia, four solar parks will develop with a capacity of 553 MW in total, which will give an added boost to the ambitious renewable energy goals of the country. Sunly also plans to develop hybrid solar farms within Lithuania and Poland, featuring solar and wind technology combined with energy storage batteries.
Long Term Commitment to Sustainable Growth
In a broader perspective, by 2030 Sunly is committed to materializing 4.6 GW of solar and wind farms with integrated storage technology in the Baltics and Poland. The current round of investments frontiers this goal as it firmly places the company in investment of €765 million in debt and equity towards renewable energy development in the region.
Growth Policy is deeply rooted within the company’s commitment to sustainable development and the energy security of Europe. With its efforts in viable and high-impact projects, Sunly is uniquely positioned to make a meaningful contribution to the European Union’s objectives for renewable energy transition, as well as delivering exciting returns to investors.
Such efforts by the company represent a larger trend in the energy sector, with investors rallying to schemes of projects that align with ESG. Owing to a robust pipeline of projects and solid financial backing, Sunly is well set to continue playing a vital operational role in the pursuit for a greener and more sustainable energy future in the region.
In any case, Sunly’s projects effected in the nearest future will provide additional energy security for the region and eventually decrease the level of carbon emissions; the projects will also contribute significantly to the economic and social well-being of local communities both in the Baltics and Poland. As we move closer to 2030 targets for renewables, investments like this will be very relevant if such ambitious climate targets should be realized and a regional sustainable future should be ensured.