Estonian Sunly receives €85M loan for construction of solar power plants in Latvia

Estonian renewable energy startup Sunly has raised almost €85M in international financing for the development of solar energy projects in Latvia. The company will receive €35.2M loan each from the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD), as well as €14.4M from the Swedish bank SEB.

Founded in Tallinn in 2019 by Priit Lepasepp, Sunly plans, develops, builds, and operates renewable energy power plants in Poland and the Baltics. The company's renewable energy portfolio and development includes 30.3 GW of solar and wind projects. It also offers landowners the opportunity to lease or sell part of their land for wind turbines and solar panels. It uses the automated 3D electrification planner Rexplorer to analyze the amount of open space, the availability of power lines, and the absence of various restrictions. 

The financing will help Sunly build four solar parks in Latvia with a total capacity of 329 megawatts. Their output will cover the annual electricity needs of up to 180K households. The solar power plants should be built by the beginning of 2027.