Estonian renewable energy producer Sunly has raised 300 million euros ($334.71 million) in debt financing to accelerate the construction of 1.3 gigawatts of solar, wind and storage capacity across the Baltics and Poland, the company said in a statement.
The financing provided by Rivage Investment, Copenhagen Infrastructure Partners (CIP) and Norway's Kommunal Landspensjonskasse takes the total capital raised to 765 million euros, it said on Tuesday.
Sunly wants to develop hybrid installations combining wind, solar and energy storage and a direct line to consumers, improving the stability of supply for industrial clients and boosting energy security. The power grids of Estonia, Latvia and Lithuania plan to decouple from the Russian and Belarusian grid in February to increase the region's energy independence and security.
The first projects to benefit from the funding will be the 244 megawatt (MW) Risti solar farm in Estonia and four solar projects in Latvia with a combined capacity of 553 MW, Sunly said.
Separately, Norway's sovereign wealth fund said on Monday it would commit 900 million euros ($1.01 billion) to CIP's latest renewable energy fund.
