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 leap from its current 50 megawatts.
Sunly Renewable Energy: Major Projects Across the Region
Sunly’s project pipeline includes a diverse mix of wind and solar initiatives across the region. In Lithuania, two planned solar plants, each with a 150 MW capacity, are set to enhance the country’s renewable energy landscape by 2025. Latvia will see the 60-megawatt Jēkabpils wind farm completed by the end of the year, with two additional wind farms launching in 2025.
Among its flagship developments is the 244MW Risti solar PV plant in Estonia, which is poised to become the largest solar park in the Baltics (Source). Looking further ahead, the company is developing a large-scale 1,000-megawatt offshore wind farm in the Baltic Sea, scheduled for 2029, and a 1,000-megawatt solar farm spanning Estonia, Latvia, and Lithuania, expected by 2027.
Financial Backing for Sunly’s Expansion
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 crucial for achieving the company’s ambitious expansion goals. The EBRD’s investment in Estonia’s renewable energy sector, totaling €244 million in 2024, underscores the financial commitment to these projects (Source).
EIB Vice President Lilyana Pavlova emphasized the importance of renewable energy for reducing dependency on fossil fuels and ensuring energy security, stating, “Investments like this one, which build new renewable energy capacity, are vital for reducing our dependency on fossil fuels and ensuring security of supply.” Separately, 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 company’s growth.
Alignment with National and EU Energy Goals
Sunly’s expansion aligns with Estonia’s 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. To support this development, the government has also implemented measures such as simplifying permitting processes and providing financial incentives.
Sunly’s focus on renewable energy projects not only contributes to global efforts to combat climate change but also supports the EU’s Green Deal objectives. The EU aims to achieve climate neutrality by 2050, and Sunly’s expansion plays a crucial role in helping the region meet these targets.
Sunly’s Impact on the Region’s Energy Future
Sunly’s rapid expansion reflects the growing demand for renewable energy in the Baltic States and Poland. By 2028, the company is set to make a significant impact on the region’s energy landscape by providing clean and sustainable energy to millions of people.
As Sunly continues to expand its operations, it will play a pivotal role in the region’s transition to a low-carbon economy. The company’s projects will not only reduce greenhouse gas emissions but also create jobs and stimulate economic growth in their local areas. With strong financial backing and a clear focus on sustainability, Sunly’s ambitious expansion plan positions the company as a key player in Europe’s renewable energy sector, well on its way to becoming a leading provider in the region.
