BAKU, Azerbaijan, December 4. The European Bank for Reconstruction and Development (EBRD) has boosted its stake in renewable energy company Sunly, committing an additional 36 million euros, Trend reports.
This brings the bank’s total investment in the Estonia-based company to 66 million euros, following an initial 30 million euro equity stake acquired in 2023 alongside Mirova, a French infrastructure group, and other investors.
The fresh funding will support Sunly’s ambitious expansion plans, including the implementation of 1 GW of operational renewable energy capacity across the Baltic states and Poland by the end of 2026.
Sunly’s co-founder and CEO, Priit Lepasepp, emphasized the importance of shareholder confidence in accelerating renewable energy projects. “This investment enables us to advance our pipeline of solar, wind, and hybrid projects that have the potential to power millions of homes while significantly reducing emissions,” Lepasepp stated.
Grzegorz Zielinski, EBRD Head of Energy Europe, underscored the significance of supporting clean energy development in the region. “Our continued partnership with Sunly highlights the EBRD’s commitment to fostering sustainable energy and meeting climate objectives,” he said.
The EBRD has invested heavily in regional renewable energy projects, contributing over 14.98 billion euros in Poland and significant funding in Estonia, Latvia, and Lithuania.