Sunly, an Estonian renewable energy producer, has received €300 million in debt financing from Rivage Investment via REDI HR2, its second high yield infrastructure debt fund and its Fund for Infrastructure Climate Solutions, and Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I, with additional participation from Norwegian largest pension company Kommunal Landspensjonskasse (KLP) through funds managed by CIP.
This financing will accelerate the construction of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland. The portfolio includes hybrid solar parks in Lithuania and various solar parks in Poland, all to be completed by the end of 2026.
Investors’ views
Gaétane Tracz, Partner and Head of the Infrastructure Debt team at Rivage, stated, “We are delighted to support Sunly’s strong leadership team through their ambitious growth trajectory and to help accelerate the construction of hybrid renewable energy parks across the Baltics and Poland.”
Jakob Groot, Partner at CIP and Co-Head of the CI Green Credit Fund I, said, “We are very excited to start our partnership with Sunly, and their highly experienced management team. This financing package will contribute significantly to the development and construction of renewable energy projects, supporting the decarbonisation ambitions across the Baltics and Poland, and represents an attractive investment for our Green Credit Fund I.”
Previous investments
With this investment Sunly’s expansion has been backed by a total of €765 million debt and equity capital from investors, including French fund Mirova, the European Bank for Reconstruction and Development (EBRD), and various banks. In 2023, Sunly successfully raised nearly €200 million from its existing investors, the Mirova, and EBRD to further develop and construct solar and wind parks across Estonia, Latvia, Lithuania, and Poland.
What does the company do?
Sunly plans to develop integrated hybrid parks that combine wind, solar, and energy storage at a single connection point with a direct line to consumers. This approach stabilises energy production in varying weather conditions and reduces grid connectivity charges, which are expected to account for over half of total energy costs.
It aims to enhance regional energy security and operational efficiency, benefiting consumers, especially large industrial clients with high energy consumption.
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.”
Access to clean energy simplified
The company was founded by the 4Energia team after selling 4Energia to Enefit Green AS, at which point 4Energia was the largest renewable energy company in the Baltics.
The 244 MW Risti solar park in Estonia is one of the first projects to benefit from Sunly’s financing, capable of powering 55,000 households annually.
Planned as a hybrid park, it may later include wind turbines and battery storage. Construction will also begin on four solar parks in Latvia, totalling 553 MW, with future plans to add wind or battery storage.
