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Estonian-founded Sunly raises €200M to speed up renewable energy production in Europe

Independent power producer Sunly raises €200M to build and expand its renewable energy portfolio and speed up renewable energy production in Europe.

The capital raise includes investments from Sunly’s existing shareholders and welcomes Mirova, an affiliate of Natixis Investment Managers and a French leading asset manager dedicated to sustainable investing, which is becoming the largest investor. None of the investors has a majority stake in Sunly.

Solar and wind power in Estonia, Latvia, Lithuania and Poland

Sunly will use the capital according to the two-year investment plan that foresees further development of its 17.9 GW solar and wind power pipeline in Estonia, Latvia, Lithuania and Poland.

“We will advance and build solar and wind farms, which helps the current energy crises we are all experiencing,” says Priit Lepasepp, CEO and co-founder of Sunly. “Sunly’s projects will contribute to lower power prices and increased energy security,” Lepasepp believes.

Tripling the team

To grow exponentially, Sunly is hiring new team members in the coming years, increasing the staff from the current 135 to 400 people. Sunly is also offering stock options to its people in all four countries so that employees can benefit from the company’s growth.

“We share the same values with the Sunly shareholders and management team to grow wind and solar plants as fast as possible, developing projects that are respectful towards nature, well integrated with the local communities and socially accepted,” Raphaël Lance, Director of Mirova’s energy transition infrastructure funds, says.

Mirova is convinced of the energy transition potential of the Baltic countries and Poland. According to Lance, investment in Sunly is in line with Mirova’s strategy to support the growth of pan-European developers committed to energy transition and help them become large independent renewable power producers.

Founded in 2019 in Estonia, Sunly has quickly become a reputable developer of wind and solar parks and one of the change makers that implements Estonia’s goal to become 100% renewable by 2030.

Interested in investing in Estonia? Find out more about the sustainable development of Estonia, and feel free to use our e-Consulting service to be assigned a personal investment advisor.

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