EBRD takes minority stake in Estonian renewables developer Sunly

The European Bank for Reconstruction and Development (EBRD) on Tuesday said it will acquire a minority stake in Estonian renewable energy producer Sunly AS through an equity investment of EUR 30 million (USD 32.4m).

With the move, EBRD is joining a pool of institutional investors led by French asset manager Mirova. The affiliate of Natixis Investment Managers took part in a EUR-200-million funding round last year, along with Sunly’s existing shareholders.

Set up in 2019, Tallinn-based Sunly operates as a renewable energy developer and independent power producer (IPP) with activities in Poland and the Baltic countries. Its portfolio includes assets totalling 222 MW, while its development pipeline includes 30.3 GW of projects.

Having EBRD among its investors is expected to help Sunly grow its fleet and support its future investments. Under the arrangement, the bank will also help the Estonian firm improve its social, and corporate governance practices, with a focus on supply chain risks and issues.

EBRD noted that its investment will back the deployment of green energy in Latvia, Estonia, Lithuania and Poland and enhance the region’s energy security.

(EUR 1.0 = USD 1.079)

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