Sunly raises more debt to build 1.3 GW of renewable hybrids

Estonia-based renewable energy developer and producer Sunly has raised EUR 300 million (USD 335m) in debt financing to step up the construction of 1.3 GW of solar, wind, storage, and hybrid projects across the Baltics and Poland, the company announced.

The financing comes from Rivage Investment via REDI HR2 and Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I. Additional participation has been registered from Norway’s largest pension company Kommunal Landspensjonskasse (KLP) through funds managed by CIP, a press statement says.

Sunny’s intention is to develop integrated hybrid parks that co-locate wind, solar and energy storage batteries and in this way improve energy production stability in various weather conditions while also optimising cost-efficiency by reducing grid connectivity charges.

“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. 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,” commented Priit Lepasepp, co-founder and CEO of Sunly.

The 244-MW Risti solar park in Estonia, which in the future is planned to be expanded to include an onshore wind farm and batteries, is among the first projects to benefit from the latest financing. Construction will also immediately begin on four hybrid solar parks in Latvia totalling 553 MW. Sunly’s 1.3-GW portfolio also includes projects in Lithuania and Poland.

Including the latest EUR-300-million financing, Sunly has now raised a total of EUR 765 million in capital from investors such as French fund Mirova, the European Bank for Reconstruction and Development (EBRD), and various banks.

(EUR 1.0 = USD 1.117)

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