Sunly will use the capital according to the 2-year investment plan that foresees further development of its 17.9 GW pipeline of solar and wind power in the Baltic States and Poland.
Priit Lepasepp, CEO and co-founder of Sunly, comments: “We are extremely grateful for the trust of both existing and new investors. This is great news for our community of partners and employees. We will advance and build solar and wind farms, which helps the current energy crises
we are all experiencing. Sunly’s projects will contribute to lower power prices and increased energy security.”
To grow exponentially, Sunly is hiring new team members in the coming years, increasing the crew from the current 135 to 400 people. Sunly is also offering stock options to its people in all four countries, so that employees can benefit from the company’s growth.
Raphaël Lance, Director of Mirova's energy transition infrastructure funds, comments: “We are very pleased with our investment in Sunly which is in line with our strategy to support the growth of pan European developers committed to energy transition and help them become large independent renewable power producer. We share the same values with the Sunly shareholders and management team to grow wind and solar plants as fast as possible, developing projects that are respectful towards nature, well integrated with the local communities and socially accepted. We are both willing to expand while setting the highest standards in terms of sustainability and are convinced of the energy transition potential of the Baltics countries and Poland.”
Sunly was advised by Santander as the exclusive financial adviser and Sorainen as the legal adviser. Other advisers of Sunly included EY for financial and tax Due Diligence (DD), SKS for legal DD, Wind Prospect and DNV for technical DD, and SKM for market DD. Mirova was supported by KPMG as the financial and tax adviser as well as Linklaters and Ellex as legal advisers, and Everoze as technical advisors.
For further reading
Akuo and Mirova have put Three Wind Power Plants into Service in Poland
Mirova Joins Akuo to Finance 132 MW of Wind Power in Poland
Sunly is an independent power producer developing large-scale solar, onshore and offshore wind and storage projects. Its professional team works for the sake of carbon-free future and energy security provided by renewable energy sources in the Baltic States and Poland. Sunly has a pipeline of 17.9 GW projects in solar and wind power. Founded in 2019, the company’s previous capital raise took place in 2021 and mobilized 28 million euros, mostly from Estonian investors. Before the current capital raise the investors had invested a total of 44 million euros in Sunly. In early 2022, Sunly acquired 100% of the Alseva group, one of the largest Polish solar power developers and solar park construction companies.
Mirova is an affiliate of Natixis Investment Managers.
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