The EBRD became a minority shareholder in Sunly in 2023, having invested €30 million alongside the French infrastructure group Mirova and other investors. The additional capital injection brings the Bank's total investment in the company to €66 million.
As a fast-growing green energy firm, Sunly is undergoing significant expansion. The proceeds of the EBRD investment will support Sunly's growth strategy, including the implementation of 1 GW of operational renewables capacity in the region by the end of 2026. The Bank's participation in this capital increase is contributing to the unlocking of substantial external funding, which is essential to accelerating the implementation of Sunly's ambitious pipeline of renewables projects in the Baltic states and Poland. This pipeline is also central to delivering the European Union's decarbonisation agenda and supporting the region's energy security.
Priit Lepasepp, co-founder and CEO of Sunly, highlighting the importance of the continued trust shown by shareholders, said: “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 homes in the Baltic region and Poland, 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, commented: “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 Bank will continue to lend its expertise to shape Sunly's value creation, environmental, social and governance practices, and gender and economic-inclusion objectives.
A leader in climate finance, the EBRD is a major institutional investor in central Europe and the Baltic states. To date, it has invested €1.17 billion in Estonia, €1.15 billion in Latvia, and €1.72 billion in Lithuania, as well as more than €14.98 billion in Poland.
