GridBeyond Raises $55 Million in Series C Funding

Renewable energy power producer 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. Most of them will be located in the south of Poland, in the provinces of Małopolska, Opole, Podkarpackie, Silesia, and Świętokrzyskie, but individual installations are also planned in other regions. The transaction also includes refinancing of Sunly’s earlier investments in Poland, including the construction of the “Rzezawa 60” project.

Sunly Group’s portfolio includes projects with 164 MW operational, 167 MW are under construction, and the target for 2024 ready-to-build is 1500 MW. The largest operating solar park is “Rzezawa 60”, located near Kraków. With a capacity of 60 MW and an annual average energy yield of 65,000 MWh, the project can cover the annual energy needs of a city with 80,000 inhabitants, like Nowy Sącz, supplying approximately 30,000 households, as well as urban infrastructure.

During the last capital raise completed in 2023, the company secured approximately €200 million (~$215.78 million) from its existing investors, the French fund Mirova, and from the European Bank for Reconstruction and Development (EBRD) to develop and construct solar and wind parks in Estonia, Latvia, Lithuania, and Poland.

“From the outset, Poland has been a highly attractive market for us. It’s already the second-largest renewables market in the European Union, with significant growth potential. Industry forecasts suggest that within the next three years, installed capacity is expected to double, and Sunly aims to contribute substantially to this growth. 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. We are thrilled to have Polish partners like mBank on board, who recognize the potential of the renewable energy market and its importance to Polish energy consumers,” says Priit Lepasepp, founder and CEO of Sunly.

According to Mercom’s Q4 and Annual Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.