Estonian energy company Sunly is rapidly expanding its renewable energy capacity across the Baltic States and Poland. The company plans to increase its installed capacity to 4,700 megawatts by 2028, a significant rise from its current 50 megawatts.
Sunly Renewable Energy: Major Projects Across the Region
Sunly has several major projects in development, including wind farms in Poland and Lithuania. Two planned Lithuanian solar plants, each with a 150 MW capacity, are set to further bolster the country’s renewable energy landscape by 2025 (Source). The 60-megawatt Jฤkabpils wind farm in Latvia is expected to be completed by the end of the year, with two more Latvian wind farms set to launch in 2025. Additionally, the company is working on a 1,000-megawatt offshore wind farm in the Baltic Sea, which is scheduled to come online in 2029. The company is also focusing on solar energy, with a 1,000-megawatt solar farm planned for Estonia, Latvia, and Lithuania. This project, expected to be operational by 2027, further diversifies Sunlyโs renewable energy portfolio. One notable project is the 244MW Risti solar PV plant in Estonia, set to become the largest solar park in the Baltics (Source).
Financial Backing for Sunly Renewable Energy Projects
Sunly has secured nearly USD 1 billion in funding from various sources, including the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). This financial backing is essential for the company to achieve its ambitious expansion goals. The EBRD’s investment in Estonia’s renewable energy sector, totaling โฌ244 million in 2024, further underscores the financial commitment to these projects (Source).
The EIBโs Vice President, Lilyana Pavlova, emphasized the importance of renewable energy in reducing dependency on fossil fuels and ensuring energy security. She stated, โInvestments like this one, which build new renewable energy capacity, are vital for reducing our dependency on fossil fuels and ensuring security of supply.โ Additionally, the EBRD has invested EUR 20 million (USD 21.2 million) in a green bond issued by Sunly, which is listed on the Nasdaq Tallinn Stock Exchange. This bond issuance is part of a larger EUR 100 million bond program aimed at financing the companyโs growth.
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Sunly’s Commitment to Renewable Energy and Sustainability
Sunlyโs expansion aligns with Estoniaโs broader goals for renewable energy. The Estonian government has set targets to increase the share of renewable energy in electricity consumption to 65% by 2030 and 100% by 2035. The government has also implemented measures to support the development of renewable energy projects, such as simplifying permitting processes and providing financial incentives.
The companyโs focus on renewable energy projects not only contributes to the global efforts to combat climate change but also supports the EUโs Green Deal objectives. The EU aims to achieve climate neutrality by 2050, and Sunlyโs expansion plays a crucial role in helping the region meet these targets.
Future Prospects for Sunly Renewable Energy
Sunlyโs rapid expansion is a testament to the growing demand for renewable energy in the Baltic States and Poland. By 2028, the company aims to have a significant impact on the regionโs energy landscape, providing clean and sustainable energy to millions of people.
As Sunly continues to expand its operations, it will play a pivotal role in the regionโs transition to a low-carbon economy. The companyโs projects will not only reduce greenhouse gas emissions but also create jobs and stimulate economic growth in the areas where they are located. Sunlyโs ambitious expansion plan positions the company as a key player in Europeโs renewable energy sector. With strong financial backing, strategic partnerships, and a clear focus on sustainability, Sunly is well on its way to achieving its goal of becoming a leading renewable energy provider in the region.
