Sunly, an independent power producer with Estonian roots, has successfully secured a €30 million investment from the European Bank for Reconstruction and Development (EBRD). This investment marks EBRD's entry as a minority investor and completes Sunly's capital raise campaign, bringing the total capital raised to €230 million.

With the new funds, Sunly aims to play a crucial role in achieving climate targets not only in Estonia but also in the broader region. The company currently has a robust renewables pipeline and development plan, consisting of 30.3 GW of solar and wind projects that have the potential to power millions of homes.

These ambitions are in perfect alignment with Estonia's strategy of achieving 100% renewable-only electricity by 2030. With its long daylight hours during the summer, strong winds, and favorable renewable energy opportunities, Estonia is well-positioned to embrace the green energy era in the coming decades. The presence of startups and a conducive business environment are key elements of this transition.

Grzegorz Zielinski, Head of Energy Europe at EBRD, expressed his excitement about the partnership, emphasizing the role of fast-growing renewable developers like Sunly in meeting climate targets in Estonia and the region. EBRD will lend its expertise to help further develop Sunly's capacity and contribute to the green energy transition in the region. The collaboration with Sunly adds EBRD to a list of institutional investors led by Mirova, a sustainability-focused asset management firm from France.

As a minority shareholder, EBRD will work closely with Sunly to strengthen its environmental, social, and corporate governance (ESG) practices. There will be a particular focus on managing supply chain risks and addressing related issues. Priit Lepasepp, Chairman of the Board of Sunly, expressed his excitement about the partnership and highlighted EBRD's commitment to sustainable growth, which aligns perfectly with Sunly's mission of building renewable energy security in the Baltics and Poland.

Sunly is one of the fastest-growing privately-owned renewable energy developers and independent power producers (IPPs) in the region. In addition to renewable energy projects, Sunly also invests in startups engaged in electrification, energy storage, battery technology, IoT, energy-enabling technology, and Smart City applications. The company's current portfolio includes 16 companies, such as Skeleton Technologies, Comodule, and UP Catalyst.