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The EBRD invests in renewable energy developer Sunly in Estonia

By Nigina Mirbabaeva

  • The EBRD is investing EUR 30 million in Sunly AS, a renewable energy producer in Estonia
  • Bank to acquire a minority stake alongside the French Infrastructure Group Mirova and other flagship investors
  • Investment to support green transition and energy security

The EBRD is supporting the development of green energy in the Baltic countries and Poland, by investing in Sunly AS (Sunly), a leading renewable energy developer based in Estonia. The Bank has committed EUR 30 million to purchase a minority equity stake in the company.

Sunly is one of the fastest growing privately owned renewable energy developers in the Baltic States and in Poland. The EBRD’s investment will enable Sunly to expand its renewable energy capacity in the region, and invest in green innovation projects, achieving significant GHG emissions savings.

Estonia has historically relied on oil shale for electricity generation, which is the most carbon intensive amongst all fossil fuels. Likewise, its neighbours Latvia and Lithuania, as well as Poland, have relied on gas and coal to meet their energy needs, resulting in significant carbon emissions.

To promote energy security in the region, and support the authorities’ ambitious climate and decarbonisation goals, accelerating the deployment of renewable energy is critical.

By investing in Sunly, EBRD is joining the pool of institutional investors led by Mirova. As a new minority shareholder, the Bank will also work with Sunly to help strengthen its environmental, social, and corporate governance practices, particularly focusing on the management of supply chain risks and issues.

Grzegorz Zielinski, EBRD’s Head of Energy Europe said: “We are delighted to partner with Sunly and support its growth journey. Fast growing renewable developers, such as Sunly, are central to the achievement of climate targets in Estonia and the region, and we look forward to lending our expertise to help develop its capacity further, and contribute to the region’s green energy transition.” 

Priit Lepasepp, the CEO of Sunly said: “We are thrilled to have the support of such a distinguished and influential investor in the clean energy sector as the EBRD. Their commitment to fostering sustainable growth aligns perfectly with Sunly’s mission, and we could not be more proud to have them as an investor when building renewable energy security in the Baltic states and Poland.”

Sunly is a renewable energy developer and independent power producer (IPP) based in Estonia, operating in Poland and the Baltic countries. The Company benefits from a diverse shareholding base, including Mirova, sustainability-focused French asset manager.

The EBRD is a leading institutional investor in Poland and the Baltics States. To date, the Bank has invested  €12.6 billion in 496 projects in Poland,  €1.3 billion in 117 projects in Lithuania, €991 million in 100 projects in Latvia, and €905 million in 105 projects in Estonia. 


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