Estonian greentech Sunly secures €30M of fresh capital from EBRD

Tallinn-based greentech startup Sunly has secured €30 million of funding from the European Bank for Research and Development. The funds will help to speed up green energy transformation in Estonian and beyond, Invest in Estonia reports.

• Founded in 2019 by Priit Lepasepp, Sunly is an independent energy producer developing renewable energy projects, such as Sunly Infra, in the Baltics and Poland. The company also manages a renewable energy and electrification portfolio of startups in Estonia through Sunly Startup.
• Currently, Sunly is one of the fastest-growing privately-owned renewable energy developers and independent power producers in the region. Its portfolio includes 16 companies, including Skeleton Technologies, Comodule, and UP Catalyst.
• This injection of €30 million of funds marks EBRD‘s entry as a minority investor in Sunly. The round also completes the company’s capital raise campaign. Since October 2022, Sunly managed to raise a total €230 million of fresh capital.

“We are thrilled to have the support of such a distinguished and influential investor in the clean energy sector like EBRD. Their commitment to fostering sustainable growth aligns perfectly with Sunly’s mission, and we could not be prouder to have them as an investor when building renewable energy security in the Baltics and Poland,”

Priit Lepasepp, founder of Sunly, comments.

• Thanks to the fresh funds, Sunly wants to play a pivotal role in achieving climate targets such as reducing greenhouse gases and promoting energy security in Estonia and beyond.