Sunly Doubles Down on Renewable Energy Expansion with €60 Million Investment Boost
Sunly, a leading renewable energy company, recently announced the successful completion of a €60 million capital raising round. This injection of funding comes on the heels of a €300 million funding round secured earlier this year.
## Expanding the Horizon: Hybrid Parks and a Focus on the Baltics
The newly secured capital will propel Sunly’s ambitious expansion plans.
The company Maven is committed to building hybrid parks—leading-edge developments that combine solar and wind power generation—along with Battery Energy Storage Systems (BESS) throughout the Baltics.
Construction is already underway on three solar parks in Latvia, with a combined capacity of 225 MW, and work continues on connections and preparations for their full operational start. The company also announced plans to begin construction of a fourth solar park in Latvia next year, adding 328 MW to the portfolio. All of these Latvian projects will follow the hybrid model, leveraging both solar and wind power alongside BESS.
Sunly’s ambitious vision extends its reach beyond Latvian borders. By 2026, its portfolio is projected to include 1.6 GW of hybrid parks across the Baltics, with additional solar park development planned in Poland.
## Estonian Power Play: Risti Mega-Project Takes Shape
The Risti, Estonia project exemplifies Sunly’s forward-looking strategy. This ambitious 244 MW project is slated to begin producing clean energy in 2026. In addition to solar power generation, the Risti project will see the development of additional energy storage solutions and the integration of wind turbines, showcasing Sunly’s commitment to diversified and robust generation.
## Leadership Responds to Growing Momentum
Sunly’s existing investors have rallied behind the company’s ambitious growth strategy.
Toms Nābur gs, Sunly’s executive director in Latvia, reflected on their mission:
“With a portfolio of 52 MW already built and operating, Sunly is currently the largest energy producer in Latvia. The projects we are currently building, which will begin producing energy in the next two years, will not only be the largest in Latvia, but will also be among the leaders in the entire Baltic region.”
The confidence of existing investors speaks volumes about Sunly’s future potential.
“The enduring commitment from our existing investors underscores the trust they place in Sunly’s ability to achieve its goals,” stated Priit Lepasepp, co-founder and CEO of Sunly. Their vision for a sustainable future aligns perfectly with Sunly’s mission.
Grzegorz Zielinski, head of the EBRD’s Energy Department in Europe explained the EBRD’s continued involvement: “Promoting sustainable and regional development through industry companies is a priority for the EBRD. This further investment in Sunly reinforces our bank’s commitment to forging strong partnerships, fostering sustainable practices, and working towards shared climate goals. The EBRD is proud to support Sunly’s commitment to incorporating environmental, social, and governance principles, alongside a focus on gender equality and economic inclusion in its activities.
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Sunly’s continued growth is fueled by €825 million in funding to date. This includes debt financing, alongside investments from partners such as the Mirova fund in France and the European Bank for Reconstruction and Development (EBRD).
In August 2024, Sunly secured an additional €300 million through debt financing: a €300 million loan from Rivage and CIP, with participation from Kommunal Landspensjonskasse, Norway’s largest pension fund.”
What are Sunly’s plans for using their recent € 60 million capital raise?
## Sunly Doubles Down on Renewable Energy Expansion
**[News Anchor]:** Joining us today is Priit Lepasepp, CEO of Sunly, a leading renewable energy company making waves with substantial recent investments. Welcome to the show, Priit.
**[Priit Lepasepp]:** Thank you for having me.
**[News Anchor]:** Sunly has been making headlines with news of capital raises, first a €300 million round earlier this year, and now a fresh €60 million injection. What’s driving this incredible growth?
**[Priit Lepasepp]:** The demand for renewable energy solutions is surging, and we are in a prime position to capitalize on this momentum. These funds will fuel our ambitious expansion plans across the Baltic region and beyond, enabling us to develop and deploy cutting-edge hybrid parks that combine solar and wind power generation with Battery Energy Storage Systems (BESS).
**[News Anchor]:** You mentioned hybrid parks. Can you elaborate on that strategy?
**[Priit Lepasepp]:** Absolutely. We believe the future of renewable energy lies in diversification and system resilience. Our hybrid parks offer a more consistent and reliable energy supply compared to relying solely on solar or wind. By integrating these technologies alongside BESS, we can effectively manage intermittency and provide a more stable grid contribution.
**[News Anchor]:** We’ve seen reports about several projects already underway in Latvia, and the Risti project in Estonia is attracting a lot of attention. Can you give our viewers a glimpse of what’s on the horizon?
**[Priit Lepasepp]:** We are developing three solar parks in Latvia totaling 225 MW, and construction on a fourth, 328 MW project, will begin next year. All will utilize the hybrid model. In Estonia, the Risti project, a 244 MW development, is set to come online in 2026. It represents our commitment to creating large-scale, sustainable energy solutions. We are also planning solar park development in Poland, expanding our reach beyond the Baltics.
**[News Anchor]:** It’s an impressive roadmap. What’s the message you want to send to potential investors and partners who might be watching?
**[Priit Lepasepp]:** Sunly is at the forefront of the renewable energy transition. We have a proven track record of successful project execution and unwavering commitment to sustainability. We are seeking partners who share our vision and are eager to be part of this exciting journey.
**[News Anchor]:** Priit Lepasepp, CEO of Sunly, thank you for sharing your insights with us. We look forward to seeing the company’s continued success in driving the renewable energy revolution.
**[Priit Lepasepp]:** Thank you.
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