The European Bank for Reconstruction and Development (EBRD) is supporting the growth of green energy in the Baltic countries and Poland, by investing in Sunly, a leading renewable energy developer based in Estonia. The Bank has committed 30 million euros 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 greenhouse gas (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.
“We are delighted to partner with Sunly and support its growth journey,” said Grzegorz Zielinski, EBRD’s Head of Energy Europe. “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.”
“We are thrilled to have the support of such a distinguished and influential investor in the clean energy sector as the EBRD,” added Priit Lepasepp, the CEO of Sunly. “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.”
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.