Sunly secures loan to build 244MW solar PV park in Estonia

Facebook
Twitter
LinkedIn
Reddit
Email
Sunly delegation in front of the first solar panels added at Estonia's largest solar PV project
Construction of the PV project, pictured above, started in November 2024. Image: Sunly.

Estonian independent power producer (IPP) Sunly has secured a €62 million (US$68 million) loan to build and operate a 244MW solar PV plant in Estonia.

Construction of the Risti solar park started in November 2024 and the company expects the project to be operational by 2027. It will be located in Lääne County, south-west of the capital, Tallinn.

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

Once operational, the project will be the largest solar PV plant in the Baltics, according to the company. The project is part of a 1.3GW hybrid portfolio of renewable power projects, for which the IPP expects to add battery energy storage system (BESS) capacity in the future.

The loan financing was secured with the European Investment Bank (EIB) and local commercial banks SEB and Luminor, with an even split between the EIB and the banks. This project marks the first fully merchant renewable energy financing operation in the Baltic market for the EIB.

“Selected technology is making it possible Sunly to add 1GWh of battery storage to the grid in the Baltics by the end of 2026. This setup enables flexible expansion, optimised revenues and greater energy stability for the market,” said Priit Lepasepp, CEO of Sunly.

“We are applying the same strategy across the Baltics and Poland. Hybrid parks not only enhance efficiency but also accelerate grid connection timelines, significantly shortening the development and construction cycle.”

Elsewhere, in the neighbouring country of Latvia, Sunly recently started construction on a 225MW solar PV portfolio which will also integrate BESS capacity.

The IPP currently has 334MW of renewable energy operational across the Baltics and Poland and a further 839MW portfolio of projects under construction. It targets to have 1GW of renewable energy operational and under construction by 2026.

This financing comes weeks after Estonia, Lithuania and Latvia completed the switch from Russia’s BRELL grid – comprising Belarus, Russia and, until then, the three Baltic nations – to the European Union grid via the LitPol Link between Lithuania and Poland.

At the end of 2024, Estonia had 1.2GW of installed solar PV, according to data from Estonian transmission system operator Elering.

Read Next

June 4, 2025
Independent power producer (IPP) Enlight Renewable Energy is expanding its Gecama Wind Project in Castilla La Mancha, Spain, by integrating solar PV and battery energy storage systems.
June 3, 2025
Danish renewables firm European Energy has secured a €145 million (US$158 million) long-term loan to finance a 78.5MW solar park co-located with a 50MW battery storage plant in Anykščiai, Lithuania.
June 2, 2025
The US Department of Energy has downsized a loan to US residential solar installer Sunnova from an initial US$3 billion to US$371.6 million.
June 2, 2025
Government-owned electricity retailer Jacana Energy has contracted 45MW of solar PV from utility-scale projects in the Northern Territory, Australia.
May 30, 2025
Spanish independent power producer (IPP) has unveiled two new solar-plus-storage projects, one in Central Chile and the other in Spain.
May 28, 2025
The SEC has signed a deal to supply the Victoria government with 100% renewable energy from its portfolio in Australia.

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
Solar Media Events
September 16, 2025
Athens, Greece