Sunly, an independent power producer operating in the Baltics and Poland, has recently secured a substantial €65.9 million senior non-recourse project financing from mBank. This financing is earmarked for the development of solar parks with a collective capacity of 98 MW. Notably, Sunly had previously launched a 60 MW solar park in Rzezawa, near Kraków, in 2023, solidifying its position as one of the largest solar farm operators in Poland. This recent financing encompasses the refinancing of Sunly’s existing operational assets in Poland, including the aforementioned solar park.
Established in 2019 in Estonia and backed by Mirova and EBRD, Sunly is a prominent independent renewable energy developer and producer, renowned for its rapid expansion in developing and constructing solar and wind parks in collaboration with local communities. Currently, Sunly boasts operational facilities capable of generating 164 MW of clean energy annually across Estonia, Latvia, and Poland.
In Poland, Sunly has been active since 2019 through a partnership with Alseva, a prominent developer and EPC contractor for large-scale PV farms. Following a merger in 2022, the combined entity has led the charge in solar park development within the local market, boasting comprehensive in-house capabilities spanning project development, design, construction, maintenance, and asset management.
Sunly’s impressive portfolio includes operational projects totaling 164 MW, with an additional 167 MW under construction. The company has set ambitious targets, aiming to have 1,500 MW of ready-to-build capacity by 2024. Notably, the flagship “Rzezawa 60” solar park near Kraków, with a capacity of 60 MW, stands out as one of Sunly’s largest operational projects.
The recent €65.9 million financing from mBank will facilitate the construction of 58 photovoltaic farms with a combined capacity of approximately 98 MW. These projects will primarily be located in southern Poland, with installations planned across various regions, including Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie.
Marek Motyl, Country Manager of Sunly in Poland, emphasized the company’s commitment to advancing zero-emission energy production and enhancing energy security in Poland through the development of photovoltaic farms.
Priit Lepasepp, founder and CEO of Sunly, expressed enthusiasm for Poland’s renewable energy market, highlighting its substantial growth potential. Sunly aims to significantly contribute to this growth by developing solar farms and wind power plants with battery storage, targeting a total capacity of 4.6 GW in Poland and the Baltics.
Tomasz Niewola, Head of Structured Finance at mBank, underscored the bank’s dedication to promoting green energy in Poland and praised Sunly’s track record and regional strategy in the renewable energy sector.
Sunly’s recent capital raise in 2023, securing approximately €200 million from existing investors Mirova and EBRD, underscores its commitment to expanding solar and wind parks across multiple countries.
With ongoing opportunities for capital raising, Sunly remains open to financing from banks and professional investors to support its investment initiatives and drive further growth in the renewable energy sector.
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