The European Bank for Reconstruction and Development (EBRD) first became a minority investor in Sunly in 2023 and added a further €36 million in December 2024. The latest capital increase raises its equity stake to €66 million, supporting Sunly’s growth as a renewable energy developer and independent power producer. The funding is tied to the company’s plan to build 1 GW of operational renewable capacity by the end of 2026 and to attract further investment in line with EU energy transition objectives.
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Capacity growth across the Baltics
By mid‑2025, Sunly’s operational portfolio had more than doubled, increasing from 164 MW at the end of 2023 to over 334 MW. A further 493 MW was under construction at that point, spanning solar parks, wind farms and hybrid projects designed to enhance grid stability and efficiency. This accelerated build‑out reflects growing momentum in the region’s renewables sector and rising investor confidence in hybrid models.
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Hybrid projects in Estonia and Latvia
One of the largest sites under development is the 244 MW Risti solar park in Estonia, designed as a hybrid installation with battery storage and the option to integrate wind capacity. In Latvia, Sunly has begun the construction of a 225 MW solar portfolio, with an additional 328 MW scheduled. Hybrid configurations allow shared grid access points and more efficient use of infrastructure, strengthening project economics across the Baltic markets.
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Institutional financing and governance
Institutional backing has been central to Sunly’s expansion. Alongside the EBRD, investors such as Mirova and Copenhagen Infrastructure Partners have joined recent financing rounds. In total, Sunly has raised €765 million in equity and debt, a capital base that reflects both governance standards and compliance with ESG frameworks emphasising environmental, social and corporate responsibility. These foundations position the company as one of the leading independent power producers in the Baltic states and Poland. (mg)
