Estonian renewable energy producer Sunly has secured €300 million ($334.71 million) in debt financing to expedite the development of 1.3 gigawatts of solar, wind, and storage capacity across the Baltics and Poland.
The financing, provided by Rivage Investment, Copenhagen Infrastructure Partners (CIP), and Norway’s Kommunal Landspensjonskasse, brings the total capital raised to €765 million as of Tuesday.
Sunly aims to develop hybrid installations that combine wind, solar, and energy storage, with direct consumer connections to enhance supply stability for industrial clients and strengthen energy security. The power grids of Estonia, Latvia, and Lithuania are set to decouple from the Russian and Belarusian grid in February, further boosting the region’s energy independence.
The initial projects funded include the 244-megawatt (MW) Risti solar farm in Estonia and four solar projects in Latvia with a total capacity of 553 MW, according to Sunly.
In related news, Norway’s sovereign wealth fund announced on Monday a €900 million ($1.01 billion) commitment to CIP’s latest renewable energy fund.
