Independent power producer Sunly has raised around €200 million to build and expand its renewable energy portfolio in the Baltics and Poland. The capital raise includes investments from Sunly’s existing shareholders and new investor Mirova, a French asset manager dedicated to sustainable investing, and an affiliate of Natixis Asset Management.
Mirova, which has been active in the energy transition infrastructure sector for 20 years and has financed more than 330 projects for a total of over 6.5 GW of potential generation capacity across Europe and Asia, is now Sunly’s largest investor. Mirova recently closed its fifth energy transition infrastructure fund at €1.6 billion.
Sunly will use the capital according to the two-year investment plan that foresees further development of its 17.9 GW pipeline of solar and wind power in the Baltic States – Latvia, Lithuania, and Estonia – and Poland.
To drive growthe, Sunly is planning a recruitment drive, which will sees staffing levels rise to 400 from the current 135. Sunly is also offering stock options to employees in all four countries.
