Sunly Raises €300 Million for Expansion of Solar, Wind, and Hybrid Energy Parks

Sunly, a renewable energy company, announced that it has raised €300 million in debt financing to ramp up the construction of 1.3 gigawatts of solar, wind, storage, and hybrid parks in the Baltics and Poland.

Rivage Investment, through REDI HR2 and its solutions, and Copenhagen Infrastructure Partners (CIP), through its Green Credit Fund I, are providing the funds for the construction.

In addition, the funding witnessed the participation of the largest Norwegian pension company, Kommunal Landspensjonskasse (KLP), through funds managed by CIP.

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​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.”

He added, “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.”

The renewable energy company aims to establish integrated hybrid parks that combine wind, solar, and energy storage batteries at a single connection point and in direct line to consumers.

This strategy improves the stability of enery production in diverse weather conditions while also optimising cost-efficieny by decreasing grid connectivity charges. The grid connectivity charges are predicted to “account to more than half of the total energy cost”.

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One of the primary beneficiaries of the funding is the 244 MW Risti solar park in Estonia, which will supply electricity to 55,000 households annually.

Initially planned as a hybrid facility, Sunly aims to enhance the park with onshore wind turbines and battery storage in the future.

Apart from that, construction is set to begin on four additional solar parks in Latvia, totalling 553 MW.

These projects will also be designed with hybrid capabilities and future wind or battery storage integration.

The 1.3 GW portfolio includes large hybrid solar parks in Lithuania and a mix of solar parks in Poland, set to be operational by the end of 2026.