Mirova backs Estonia's Sunly to raise EUR 200m

Estonian independent power producer Sunly has raised around EUR 200 million (USD 194m) from existing shareholders and new investor Mirova to build and expand its renewables portfolio in the Baltic countries and Poland, the companies said today.

French asset manager Mirova, an affiliate of Natixis Investment Managers, becomes the largest investor in Sunly, without holding a majority stake.

Sunly, set up in 2019, has a pipeline of 17.9 GW of solar and wind projects in the four countries. The newly raised funds will be used in accordance with its two-year investment plan to further develop the company’s pipeline.

Sunly plans to increase its team from 135 now to 400 people in the coming years. The company previously raised EUR 28 million in 2021, mainly from Estonian investors. Before the current deal, it had secured a total investment of EUR 44 million.

Earlier this year, the company acquired Polish solar developer the Alseva group.

(EUR 1 = USD 0.971)

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