The European Bank for Reconstruction and Development (EBRD) has expanded its equity stake in Sunly, a renewable energy developer and Independent Power Producer (IPP), with an additional €36 million investment. This brings the EBRD’s total commitment to €66 million, following its initial €30 million contribution in 2023.
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Driving Expansion and Renewable Energy Capacity
Sunly targets reaching 1 GW of renewable energy capacity across the Baltic states and Poland by the end of 2026. The EBRD’s increased investment supports Sunly’s growth plans, expediting its extensive solar, wind, and hybrid projects portfolio. These initiatives are vital for advancing the EU’s decarbonisation objectives and enhancing energy security in the region.
Priit Lepasepp, co-founder and CEO of Sunly, said, “The increased commitment from our existing investors demonstrates their confidence in Sunly’s ability to bring our ambitious plans to life. The company’s pipeline includes a diverse pool of solar, wind and hybrid projects, which have the potential to power homes in the Baltic region and Poland, and significantly reduce greenhouse-gas emissions.
He added, “With the additional capital, Sunly will be able to accelerate the construction of new renewable-energy capacities, critical to the energy transition.”
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Promoting Regional Clean Energy Development
The EBRD’s investment also aims to unlock substantial external funding necessary for Sunly’s renewable energy initiatives. Grzegorz Zielinski, EBRD Head of Energy Europe, emphasized the importance of the Bank’s role, “Supporting the region’s clean-energy development and promoting the cross-border expansion of renewable-energy producers is a key priority for the EBRD. This additional participation in Sunly reconfirms the Bank’s commitment to strengthening its partnerships, promoting a sustainable future and meeting climate targets.”
Beyond financial support, the EBRD will continue to lend its expertise to enhance Sunly’s value creation, environmental, social, and governance (ESG) practices, as well as its gender and economic inclusion objectives.