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.
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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.
