Estonia is a proof that to be Nordic, one doesn’t need to go in the dark — the country averages up to 1,900 hours of sunshine per year, ahead of neighbouring Sweden and Finland. With its focus on renewables, it is the place to be in for GreenTech. This week, Estonian renewable energy producer Sunly has raised €300M in debt financing to accelerate the construction of 1.3 gigawatts of solar, wind and storage capacity across the Baltics and Poland.
The financing provided by Rivage Investment, Copenhagen Infrastructure Partners (CIP) and Norway’s Kommunal Landspensjonskasse takes the total capital raised to €765M.
Priit Lepasepp, co-founder and CEO of Sunly, said: “This investment enables us to improve our infrastructure with new grid connections and solar parks in the Baltics, which will support our onshore wind and storage pipeline expansion. To help reduce energy costs, our focus will be on two key areas: building a hybrid pipeline with storage capabilities and advancing the electrification of heating and mobility systems, thereby diminishing our reliance on imported fossil fuels and optimising the use of local renewable resources”.
Sunly now wants to develop hybrid installations combining wind, solar and energy storage and a direct line to consumers, improving the stability of supply for industrial clients and boosting energy security. This is now a primer topic, as the power grids of Estonia, Latvia, and Lithuania are planning to disconnect from the Russian and Belarusian power grids in February.
One of the first projects to benefit from the new financing is the 244 MW Risti solar park in Estonia, which can cover the annual electricity consumption of 55,000 households. Currently intended as a hybrid park, Sunly already has expansion plans that include onshore wind turbines and battery storage in the future.
Construction will also immediately start on four solar parks in Latvia, with a combined capacity of 553 MW. These Latvian parks are also designed as hybrids, with eventual plans to integrate wind or battery storage, or a combination of both. The 1.3 GW portfolio also includes several large hybrid solar parks in Lithuania, as well as both small and large solar parks in Poland by the end of 2026, the company announced.
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