Sunly has secured €300 million in debt financing to accelerate the development of 1.3 GW of renewable energy facilities, including solar, wind, storage, and hybrid parks, across the Baltics and Poland. This investment aims to enhance regional energy security and independence, particularly as the region prepares to separate from the Russian and Belarusian electricity grids.
The financing, provided by Rivage Investment, Copenhagen Infrastructure Partners (CIP), and Kommunal Landspensjonskasse, will support the construction of integrated hybrid parks. These parks will combine wind, solar, and energy storage at a single connection point, improving energy production stability and reducing grid connectivity charges.
One of the first projects to benefit from this financing is the 244 MW Risti solar park in Estonia, which Sunly plans to expand to include wind turbines and battery storage. Additionally, construction will begin on four solar parks in Latvia, totalling 553 MW, designed to integrate with wind or battery storage in the future. The investment portfolio also includes large hybrid solar parks in Lithuania and various solar parks in Poland, all slated for completion by the end of 2026.
These projects are part of a broader strategy to reduce the region’s reliance on Russian energy, which has historically caused price volatility and supply disruptions. Sunly’s expansion is supported by €765 million in capital from investors, including Mirova and the European Bank for Reconstruction and Development. In 2023 alone, Sunly raised around €200 million from existing investors to further its mission of transforming and securing the region’s energy landscape.