Estonian greentech Sunly secures €85M to develop solar park in the Baltics and accelerate green transition
Sunly, an Estonian renewable energy company, has secured €85 million loans from the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and SEB. The company will use the funding to develop and manage a solar park in the country.
About Sunly
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Founded in 2019, Sunly is an independent energy producer which develops renewable energy projects in the Baltics and Poland. Sunly also manages a renewable energy and electrification portfolio of startups in Estonia.
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Risti solar park, to be located 65 kilometers southwest of the capital Tallinn in Lääne County, is due to become operational by 2027. It will be the biggest photovoltaic (PV) production site in the Baltics, with a capacity of 244 megawatt peak (MWp) – enough to power more than 80,000 households in Estonia. Solar park was built together with local landowner Metsagrupp.
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Sunly currently operates 334 MW of renewable energy in the Baltics and Poland, has 839 MW under construction with an aim to reach 1 gigawatts operational and under construction by 2026.
“Latvia’s bold push for hybrid solar infrastructure is exactly the kind of forward-looking investment Europe needs. We are proud to support Sunly’s vision — not just to generate clean power, but to build energy systems that are resilient, flexible, and future-ready. This project is a blueprint for how we can accelerate the green transition while strengthening regional energy security,” said EIB Vice-President Thomas Östros.
Investment details
The EIB together with SEB and EBRD is lending the financing to Sunly. The financing package includes loans of €35.2 million from the EIB, €35.2 million from the EBRD and €14.4 million from SEB.
Previously this year, Sunly has received a €62 million loan financing from the EIB in collaboration with local commercial banks SEB and Luminor.
According to the company, while the scope of this financing will support the solar component, the broader ambition is to develop all sites as hybrid parks, by subsequently integrating wind energy and battery energy storage systems, aiming to ensure more stable electricity production, improve grid efficiency, and enhance energy security.
Sunly will use the loan to build four solar parks in Latvia with total capacity of 329 megawatts (MW) – enough to meet the annual electricity consumption of up to 180,000 households.
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https://en.ain.ua/2025/08/05/sunly-secures-eur85m/