Sunly bags €66 million to support 98MW of Polish solar

Facebook
Twitter
LinkedIn
Reddit
Email
“From the outset, Poland has been a highly attractive market for us,” said founder and CEO of Sunly, Priit Lepasepp. Image: Pascal Raczek – Qair

Estonian independent power producer (IPP) Sunly has secured €65.9 million (US$71 million) towards the development and construction of 98MW worth of solar PV projects in Poland.

Delivered as a non-recourse project financing deal from Polish banking group mBank, the funding will be used to develop a 98MW portfolio of 58 PV projects, predominantly in the south of Poland in the provinces of Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie. It will also cover the refinancing of Sunly’s existing Polish project portfolio, most notably its 60MW Rzezawa project near the city of Krakow.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“From the outset, Poland has been a highly attractive market for us,” said founder and CEO of Sunly Priit Lepasepp. Indeed, in October 2022 the company raised €200 million to support its operations in Poland and the Baltics. The market has become one of the most prominent in the EU for solar PV and renewables more widely; an October 2023 report by PV Tech Premium looked into the role that new “cable pooling” legislation could play in alleviating Poland’s grid bottleneck and adding yet more stimulus to its renewables market.

“Industry forecasts suggest that within the next three years, installed [solar] capacity is expected to double, and Sunly aims to contribute substantially to this growth,” Lepasepp continued. “In the coming years, we plan to build solar farms and wind power plants together with battery storage in Poland and the Baltics with a total capacity of 4.6 GW.”

As of Q3 2023, Poland’s total installed solar PV capacity had exceeded 18GW, with 6.6GW worth of new grid connection permits granted in the year since Q3 2022. Just last week, Norwegian energy company Statkraft inked a power purchase agreement (PPA) in Poland with Danish solar developer Better Energy for 212MW worth of solar PV capacity.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

June 13, 2025
US renewables developer Invenergy has started construction of a 240MW solar PV plant in Franklin County, Ohio, US.
Premium
June 13, 2025
The European PPA space could see more tailored PPAs and hybrid deals, according to experts at the Renewables Procurement & Revenue summit.
June 13, 2025
French independent power producer (IPP) Neoen Australia has confirmed that its 440MW Culcairn solar PV power plant in New South Wales has entered the commissioning phase.
June 12, 2025
Earthrise Energy has secured US$630 million for its 270MWac solar project in Gibson City Solar, Illinois.
June 12, 2025
US independent power producer (IPP) DESRI has begun construction on a 205MW/1,000MWh solar-plus-storage project in the state of Arizona.
Sponsored
June 12, 2025
At this year’s Intersolar Europe event, held in Munich, Germany, Solavita launched a new hybrid inverter for the C&I sectors.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand