Sunly funding news – Tallinn-based Sunly Raises €300Million in Debt Financing

Developing renewable energy projects in Poland and the Baltics is Sunly's primary goal as an independent energy producer. Additionally, it oversees a portfolio of Estonian businesses engaged in electrification and renewable energy.

The 4Energia team created the business after selling 4Energia to Enefit Green AS, which at the time made 4Energia the biggest renewable energy provider in the Baltic states. At the moment, Sunly works with regional teams in Poland, Latvia, Estonia, and Lithuania.

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The largest pension fund in Norway, KLP, provides the finance, along with Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I, Rivage Investment through its REDI HR2 fund and Fund for Infrastructure Climate Solutions, and CIP-managed funds from KLP.

Gaétane Tracz, Partner and Head of the Infrastructure Debt team at Rivage, says, “We are delighted to support Sunly’s strong leadership team through their ambitious growth trajectory and to help accelerate the construction of hybrid renewable energy parks across the Baltics and Poland. We share Sunly’s mission of contributing to produce power with purpose, to contribute to European Union energy security and to deliver investments with both attractive performance and ESG impact.”

Jakob Groot, Partner at CIP and Co-Head of the CI Green Credit Fund I, adds, “We are very excited to start our partnership with Sunly, and their highly experienced management team. This financing package will contribute significantly to the development and construction of renewable energy projects, supporting the decarbonisation ambitions across the Baltics and Poland, and represents an attractive investment for our Green Credit Fund I.”

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

It intends to create integrated hybrid parks that incorporate solar, wind, and energy storage at a single connection point. By using this method, energy production may be stabilized under different weather conditions and grid connectivity fees can be decreased. These fees are anticipated to make up more than half of all energy costs.

About Sunly

In the Baltics and Poland, Sunly is an independent energy producer that creates renewable energy projects. Additionally, Sunly oversees a start-up portfolio in Estonia that focuses on electrification and renewable energy. The 4Energia team founded Sunly following the sale of 4Energia shares to Enefit Green AS. The largest renewable energy company in the Baltics at the time of acquisition was 4Energia.