We advised Sunly, a renewable energy producer, on raising EUR 300 million from Scandinavian and French investors for the construction of solar, wind, storage, and hybrid parks with a total capacity of 1.3 GW. The investment will be used to build large-scale hybrid parks in the Baltics and Poland, contributing to the availability of renewable energy in the region.
This financing is provided by Rivage Investment via REDI HR2, its second high-yield infrastructure debt fund and its Fund for Infrastructure Climate Solutions, and Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I, with additional participation from Norway’s largest pension company Kommunal Landspensjonskasse (KLP) through funds managed by CIP.
Building the most powerful solar park in the Baltics at Risti
One of the first projects to benefit from this financing is the 244 MW Risti solar park in Estonia. The solar park, with nearly 350,000 solar panels, can cover the annual electricity consumption of 55,000 households. Currently intended as a hybrid park, Sunly already has expansion plans that include onshore wind turbines and battery storage in the future.
The largest solar park in the Baltics is expected to be completed in the first half of 2026, with an estimated cost of nearly EUR 125 million. The project will also benefit local residents: Sunly will offer the community more affordable electricity once the entire energy park is completed.
Helping countries achieve their renewable energy goals
Priit Lepasepp, co-founder and CEO of Sunly, believes that the investment received will contribute to achieving the ambitious renewable energy goals of the Baltics and Poland. “We will use the investment to build new grid connections and solar parks in the Baltics. These same grid connections can also integrate onshore wind farms and batteries currently under development into the network. This will enable us to participate in local renewable energy auctions, increasing Sunly’s contribution to meeting the 2030 national renewable energy targets in the Baltics.”
With this investment, Sunly’s expansion has been backed by a total of EUR 765 million in debt and equity capital from investors to further develop renewable energy in the Baltics and Poland. In 2023, Sunly successfully raised approximately EUR 200 million from its existing investors, Mirova and the European Bank for Reconstruction and Development (EBRD).
Our services and client team
We assisted the client throughout the transaction, including due diligence. Our client team, led by counsel Mirell Prosa, included :
In Estonia: partners Toomas Prangli and Kaido Künnapas, counsels Kaspar Endrikson, Jane Eespõld, Piibe Lehtsaar and Triin Ploomipuu, senior associates Britta Retel, Mirjam Vichmann, Verner Silm, Raul Kartsep, Krista Ševerev, Sandra Mikli, Oliver Ämarik, Liisa-Maria Puur and Kamilla Alma Vilderson, associates Kadri Puu and Anu Liinsoo, assistant lawyers Nele Otsalt, Karl Oskar Pungas and Meri-Ly Karjus-Mustafayev.
In Latvia: partner Nauris Grigals, counsels Natālija Grāvele and Andis Burkevics, of counsel Mārtiņš Rudzītis, senior associates Inese Heinacka, Roberts Prūsis, Edvīns Draba, Zane Paeglīte and Liva Aleksejeva, associates Annija Straupe, Kristians Dzerkals, Ieva Zarina and Sabīne Stirniņa and assistant lawyer Gabriela Mora Petroviča.
In Lithuania: partners Sergej Butov, Asta Augutytė-Rapkevičienė and Augustas Klezys, counsels Andrius Šimkus and Gerda Skirbutienė, senior associates Michailas Molis, Gabrielė Raižytė and Jurgita Mikučionienė, associates Dominykas Kulakas and Simonas Šlitas, assistant lawyers Rytė Rečiūnaitė, Kamilė Baranauskaitė and Ieva Tučkutė.
