Estonian renewable energy producer Sunly has closed a €60 million equity funding round from its existing shareholders, with the European Bank for Reconstruction and Development (EBRD), Mirova, and Vardar leading the deal. The new funding follows Sunly’s €300M debt financing secured in August 2024.
The fresh capital will drive the development of hybrid energy parks across the Baltic region, starting with the 244 MW Risti solar park in Estonia. Once operational in 2026, Risti will generate enough electricity to power 55,000 households annually. The park’s design incorporates future battery storage capabilities, making it one of the largest hybrid energy projects in the Baltics.
Estonia is rapidly adding new solar capacity. The installed solar volume has surged from approximately 40 MW in 2018 to around 812 MW by the end of 2023, reports PV Magazine. In 2024, this continues to rise — just a month ago, the country welcomed the Kirikmäe solar park—a 77 MW facility capable of powering 35,000 households.
In addition to local projects, Sunly has already broken ground on three solar parks in Latvia, which together will provide 225 MW of clean energy capacity. A fourth Latvian facility, planned to begin construction next year, will add another 328 MW to the company’s growing portfolio. Each of these installations features hybrid capabilities, allowing for future integration of wind power, battery storage, or both technologies.
“Our existing investors have shown their continued trust in our vision,” said Priit Lepasepp, Sunly’s co-founder and CEO. “At Risti, we’ve financed both the solar park and its connection point, creating the foundation for adding storage and wind turbines later. This approach exemplifies our commitment to building versatile energy infrastructure.”
EBRD’s Head of Energy Europe, Grzegorz Zielinski, emphasized the regional impact of the investment: “Supporting clean energy development and cross-border expansion aligns with EBRD’s core priorities. We’re deepening our partnership with Sunly to advance sustainable practices and deliver on climate targets.” The bank will continue advising on value creation, environmental and social governance, and economic inclusion initiatives.
The latest funding brings Sunly’s total raised capital to €825 million, combining both debt and equity from a diverse group of investors. Beyond EBRD, Mirova, and Vardar, the company’s August 2024 debt financing included participation from Rivage and Copenhagen Infrastructure Partners (CIP), along with Norway’s largest pension company, Kommunal Landspensjonskasse (KLP), through CIP-managed funds.
By the end of 2026, Sunly expects its portfolio to reach 1.6 GW, comprising large hybrid solar parks throughout the Baltics and various solar installations across Poland, cementing its role in the region’s transition to renewable energy. Estonia, meanwhile, is aiming for at least 65% of its gross final energy consumption to come from renewable sources by 2030, and will work a 70% reduction in greenhouse gas (GHG) emissions compared to 1990 levels.
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