Independent power producer Sunly has raised around €200m to build and expand its renewable energy portfolio in the Baltics and Poland.
Sunly will use the capital according to its two-year investment plan, which foresees further development of its 17.9GW pipeline of solar and wind power in the Baltic States and Poland.
To fuel its growth, Sunly is hiring new team members in the coming years, increasing its staff from the current 135 to 400 people.
Sunly is also offering stock options to its people in all four countries, so that employees can benefit from the company’s growth.
Investments come from Sunly’s existing shareholders and Mirova, an affiliate of Natixis Investment Managers and French asset manager dedicated to sustainable investing, which has become the company’s largest investor.
CEO and co-founder of Sunly Priit Lepasepp commented: “We are extremely grateful for the trust of both existing and new investors. This is great news for our community of partners and employees.
"We will advance and build solar and wind farms, which helps the current energy crises we are all experiencing.
"Sunly’s projects will contribute to lower power prices and increased energy security.”
Director of Mirova's energy transition infrastructure funds Raphael Lance added: “We are very pleased with our investment in Sunly which is in line with our strategy to support the growth of pan European developers committed to energy transition and help them become large independent renewable power producer.
“We share the same values with the Sunly shareholders and management team to grow wind and solar plants as fast as possible, developing projects that are respectful towards nature, well integrated with the local communities and socially accepted.
"We are both willing to expand while setting the highest standards in terms of sustainability and are convinced of the energy transition potential of the Baltics countries and Poland.”