Sunly raises US$200 million to expand renewables portfolio in Baltics and Poland


Along with a renewables development portfolio of nearly 18GW, Sunly has 49MW of solar PV in operation and 173MW of solar in construction. Image: R.Power.

Independent power producer (IPP) Sunly has raised €200 million (US$195 million) to build and expand its renewables portfolio in the Baltics and Poland.

Along with the capital raise, the Estonia-based IPP has welcomed French asset manager Mirova – an affiliate of Natixis Investment Managers – as a new investor. It also became its largest investor, with no investor having a majority stake in the IPP.

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The capital will be used according to the company’s two-year investment plan, which forecasts further development of its 17.9GW pipeline of solar PV and wind power in the Baltics and Poland.

Currently the company has 49MW of solar PV operational assets with a further 173MW of solar capacity in construction.

In order to expand its portfolio, Sunly will also increase its staff in the coming years from 135 to 400 people.

Raphaël Lance, director of Mirova’s energy transition infrastructure funds, said: “We are both willing to expand while setting the highest standards in terms of sustainability and are convinced of the energy transition potential of the Baltics countries and Poland.”

Earlier this year, Mirova acquired solar finance business SunFunder in a push to expand its investment platform in emerging markets.

PV Tech publisher Solar Media will be organising the second edition of Large Scale Solar CEE in Warsaw, Poland, during 8-9 November. The event will focus on Eastern Europe with a packed programme of panels, presentations and fireside chats from industry leaders responsible for the build-out of solar and storage projects in Poland, Bulgaria, Romania, Greece and Hungary.

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