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Estonian-founded Sunly secures €30M from EBRD to drive green energy growth

As Estonia approaches its sunniest days, green energy scale-up Sunly nabs a new investment from EBRD to speed up the energy transformation in the region.

Sunly, an Estonian-founded independent power producer, has just scored a win with a €30M investment from the European Bank for Reconstruction and Development (EBRD). This injection of funds marks EBRD’s entry as a minority investor and completes Sunly’s capital raise campaign, started in October 2022, bringing the total capital raised to €230M.

With new investment, Sunly aims to play a pivotal role in achieving climate targets in Estonia and beyond. To date, there are 30,3 GW of solar and wind projects in the company’s renewables pipeline and development, which has the potential to power millions of homes.

The ambitions align perfectly with Estonia’s strategy of achieving the 2030 target for renewable-only electricity. With up to 19 hours of daylight in the summer, strong winds and other renewable opportunities, the country is perfectly positioned to enter the green energy era in the following decades. Startups and favourable business environment are indisputable parts of the upcoming transition.

Partnering on a growth journey

Grzegorz Zielinski, the Head of Energy Europe at EBRD, expressed his enthusiasm for the collaboration: “We are delighted to partner with Sunly and support its growth journey. Fast-growing renewable developers, such as Sunly, are central to the achievement of climate targets in Estonia and the region, and we look forward to lending our expertise to help develop its capacity further and contribute to the region’s green energy transition.”

By joining forces with Sunly, EBRD joins a roster of institutional investors led by Mirova, a dedicated sustainability-focused asset management firm from France. As a new minority shareholder, EBRD will collaborate closely with Sunly to strengthen its environmental, social, and corporate governance (ESG) practices, with a particular emphasis on managing supply chain risks and issues.

Priit Lepasepp, the Chairman of the Board of Sunly, expressed his excitement about the partnership, stating: “We are thrilled to have the support of such a distinguished and influential investor in the clean energy sector like EBRD. Their commitment to fostering sustainable growth aligns perfectly with Sunly’s mission, and we could not be prouder to have them as an investor when building renewable energy security in the Baltics and Poland.”

Sunly is one of the fastest-growing privately-owned renewable energy developers and independent power producers (IPPs) in the region. It also invests in other startups engaged in electrification, renewable energy, storage, battery technology, IoT, energy-enabling technology, and Smart City applications. Its current portfolio has 16 companies, including Skeleton Technologies, Comodule, and UP Catalyst.

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