Sunly raises 300 million euros for renewable energy projects in Baltics, Poland and Baltics

The Estonian renewable energy company Sunly raised $300 million in debt financing in order to accelerate construction of 1.3 Gigawatts of wind, solar and storage capacity in the Baltics and Poland.

It said that the financing provided by Rivage Investment and Copenhagen Infrastructure Partners (CIP), as well as Norway's Kommunal Landspensjonskasse, brings the total capital raised up to 765 millions euros.

Sunly aims to create hybrid installations that combine wind, solar, and energy storage, and provide a direct connection to consumers. This will improve the supply stability for industrial clients, and boost energy security.

In February, the power grids in Estonia, Latvia and Lithuania will decouple themselves from the Russian-Belarusian grid to improve the energy security and independence of the region.

Sunly reported that the first projects to receive funding are the Risti solar farm, which has a capacity of 244 megawatts (MW), in Estonia, and four projects in Latvia totaling 553 MW.

Separately on Monday, Norway's sovereign fund announced that it would contribute 900 million euro ($1.01 billion), to CIP’s latest renewable energy funds.

(source: Reuters)