EBRD Expands Investment In Sunly To Boost Estonian Renewable Energy

The European Bank for Reconstruction and Development (EBRD) has deepened its commitment to renewable energy by increasing its investment in Sunly, a fast-growing green energy developer and power producer. The Bank has added €36 million to its stake, bringing its total investment in Sunly to €66 million. This follows an initial €30 million investment in 2023, made alongside French infrastructure group Mirova and other partners, which made the EBRD a minority shareholder.

This new funding will help Sunly achieve its ambitious goal of installing 1 GW of renewable energy capacity across the Baltic states and Poland by the end of 2026. It also supports the company’s broader expansion efforts. The EBRD’s investment is key to attracting additional funding, accelerating Sunly’s renewable energy projects, and contributing to the European Union’s decarbonization goals while enhancing energy security in the region.

Priit Lepasepp, co-founder and CEO of Sunly, said in a statement, “The increased commitment from our existing investors demonstrates their confidence in Sunly’s ability to bring our ambitious plans to life. The company’s pipeline includes a diverse pool of solar, wind and hybrid projects, which have the potential to power millions of homes and significantly reduce greenhouse-gas emissions. With the additional capital, Sunly will be able to accelerate the construction of new renewable-energy capacities, critical to the energy transition.”

Grzegorz Zielinski, EBRD Head of Energy Europe, also stated, “Supporting the region’s clean-energy development and promoting the cross-border expansion of renewable-energy producers is a key priority for the EBRD. This additional participation in Sunly reconfirms the Bank’s commitment to strengthening its partnerships, promoting a sustainable future and meeting climate targets.”

The EBRD will continue to support Sunly by providing expertise to enhance its value creation, strengthen environmental and social governance practices, and advance gender and economic inclusion goals. As a leader in climate finance, the EBRD is a key investor in central Europe and the Baltic states. Its investments include €1.17 billion in Estonia, €1.15 billion in Latvia, €1.72 billion in Lithuania, and over €14.98 billion in Poland.