Sunly, a renewable energy power producer, secured €300 million ($335.15 million) financing from Scandinavian and French investors for developing 1.3 GW of solar, wind, storage, and hybrid projects. The funding will support the development of large-scale hybrid projects across the Baltics and Poland.
The investors include Rivage Investment, which operates in France through a fund dedicated to solutions to climate problems; Copenhagen Infrastructure Partners (CIP) through the Green Credit I fund; and Norway pension fund, KLP.
One of the first projects to be funded is the 244 MW solar project in Risti, which will include wind turbines and batteries in the future. Construction of four solar projects in Latvia with a combined capacity of 553 MW is also expected to begin. All the projects are expected to include wind turbines, batteries, or a combination of them in the future, showcasing the potential for renewable energy growth. The 1.3 GW portfolio also includes several large hybrid solar projects in Lithuania.
Jakob Groot, CIP partner and Co-CEO of CI Green Credit Fund, said, “This funding package will significantly contribute to the development and construction of renewable energy projects, supporting the decarbonization ambitions of the Baltic States and Poland, and will be an attractive investment for our Green Credit Fund I.”
Earlier this year, Sunly secured €65.9 million (~$71.10 million) in senior non-recourse project funding from mBank to develop renewable energy projects in Poland. The funding will be used to construct 58 solar projects with a total capacity of about 98 MW.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, the European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International provided €110 million (~$122 million) in funding to build and operate two solar projects in southeastern Romania. The Iepuresti and Ghimpati solar projects have a total installed capacity of around 300 MW.
