Sunly, a leading renewable energy producer, has secured €300 million in debt financing to accelerate the development of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland. The financing is from Rivage Investment through its REDI HR2 fund, a high-yield infrastructure debt fund, and its Fund for Infrastructure Climate Solutions, as well as Copenhagen Infrastructure Partners (CIP) via its Green Credit Fund I. Additional support is provided by Norway’s largest pension company, Kommunal Landspensjonskasse (KLP), through funds managed by CIP. This substantial funding highlights strong market confidence in Sunly’s ability to lead regional energy transformation.
As the EU continues efforts to reduce its dependence on Russian gas, it still faces significant challenges. Despite attempts to decrease reliance, EU countries imported approximately 30% more natural gas from Russia in May 2024 than in September 2022, according to Clean Energy Wire. In the Baltic states and Poland, Russia’s considerable influence on the regional energy market has historically led to price volatility and supply disruptions due to geopolitical tensions, resulting in higher energy costs for consumers compared to other European nations. The planned desynchronization from the Russian and Belarusian electricity grid in February next year is expected to enhance regional energy independence and security.
Priit Lepasepp, co-founder and CEO of Sunly, said, “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.”
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