Renewable energy company Sunly raised 28 million euros from existing and new investors as well as the management. Today, Sunly has 132MW in its solar portfolio in the Baltics & Poland and, with the amount raised, it is planned to multiply this number by the end of next year. In addition, funds will be directed to the development of wind farms.
“Sunly’s goal is to contribute towards having enough of electricity in the future that is produced from renewable sources. We have a large number of renewable energy projects in the Baltics and Poland, but this area is still very capital intensive. Therefore, we decided to increase and diversify our investor base to create more value together,” commented Priit Lepasepp, Sunly’s founder and CEO.
Lepasepp added that Sunly considers its experienced and professional team as its greatest asset. “As our pipeline has grown very fast, we will soon be hiring additional experts in all countries of operation, to boost the company’s renewable energy developments,” said he.
The successful capital increase took place mainly with the support of well-known Estonian investors. The investment round includes new investors such as Warmeston, Trailborg, BEAM, VanMeter, Metsagrupp, Päikese ja Tuule, Scandium Energia and Direct Consulting. Vardar, a Norwegian municipal company that has also previously invested in renewable energy in the Baltics, joined as the only foreign investor. Priit Lepasepp, Lili Kirikal, Kerstin Kütt, Toms Naburgs and Tadas Navickas from Sunly’s management team also invested in the company.
Sunly develops solar and wind power projects in the Baltics and Poland, while also managing a portfolio of renewable energy and storage start-ups. Together with this round of financing, investors have invested a total of 44 million euros in Sunly.