Estonian independent electricity producer Sunly received €30M

Estonian independent electricity producer Sunly received €30M from European Bank for Reconstruction and Development (EBRD). The bank acquired a minority stake in the company.

Sunly was founded in Tallinn in 2019 by Priit Lepasepp. The company plans, develops, constructs, and operates renewable energy power plants in Poland and the Baltic States. To date, there are 30,3 GW of solar and wind projects in the company's renewables pipeline and development. 

Sunly also offers landowners to lease or sell a portion of its land for wind turbines and solar panels. It uses Rexplorer‘s platform to analyze the amount of open space, the availability of transmission lines, and the lack of different constraints. The lease term can be 30, 50, or 99 years and mainly there are no restrictions to use the land for farming, so the landowner still can graze the animals or grow crops on his land.

Besides, Sunly invests in early-stage startups, which are engaged in electrification, renewable energy, and storage, battery technology, IoT, energy-enabling technology, and smart city applications. Estonian Skeleton Technologies (manufacturer and developer of high energy and power density ultracapacitors), Comodule (manufactures electric lightweight vehicles, which connected to the Internet), UP Catalyst (turns CO2 into carbon nanomaterials and graphite), and other startups are in its portfolio.

Sunly will use the investment from EBRD to expand its renewable energy production capacity in the Baltics and Poland.