Investment manager Mirova has participated in a €200m fundraising by independent power producer Sunly to help build and expand its renewable energy portfolio in the Baltics and Poland.

Sunly said the fresh capital from existing shareholders and new investor Mirova will be used to develop the firm’s existing 17.9GW pipeline of solar and wind power.

Founded in 2019, Sunly raised an initial €28m last year mostly from Estonian investors. Before the current capital raise the investors had invested a total of €44m in total.

Priit Lepasepp, CEO and co-founder of Sunly, said: “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.”

Raphaël Lance, director of Mirova’s energy transition infrastructure funds, said: “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.”

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