The European Bank for Reconstruction and Development (EBRD) has announced a significant increase in its equity stake in Sunly, a prominent renewable energy developer and Independent Power Producer, with a new investment of €36 million. This follows the EBRD’s initial investment of €30 million in 2023, which made it a minority shareholder alongside the French infrastructure group Mirova and other investors. With this latest capital injection, the Bank’s total investment in Sunly now amounts to €66 million.
Supporting Renewable Energy Growth
As a rapidly growing green energy firm, Sunly is poised for significant expansion. The proceeds from the EBRD’s investment will bolster Sunly’s growth strategy, which includes the goal of implementing 1 GW of operational renewables capacity in the region by the end of 2026. The EBRD’s participation in this capital increase is crucial for unlocking substantial external funding, which is vital for accelerating the implementation of Sunly’s ambitious pipeline of renewable projects throughout the Baltic states and Poland. This pipeline aligns with the European Union’s decarbonization agenda and enhances the region’s energy security.
Leadership Insights
Priit Lepasepp, co-founder and CEO of Sunly, emphasized the significance of continued shareholder trust, stating, “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 range of solar, wind, and hybrid projects that can power homes in the Baltic region and Poland while significantly reducing greenhouse gas emissions. With the additional capital, we will accelerate the construction of new renewable energy capacities, essential for the energy transition.”
Grzegorz Zielinski, EBRD Head of Energy Europe, remarked, “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.”
Commitment to Sustainability
The EBRD will continue to lend its expertise to enhance Sunly’s value creation, environmental, social, and governance practices, as well as its gender and economic inclusion objectives. As 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, €1.72 billion in Lithuania, and over €14.98 billion in Poland.
Sources
- European Bank for Reconstruction and Development – EBRD Investment Announcement
- Sunly – Company Overview and Renewable Projects
- European Union – Decarbonization Strategy
