Sunly.ee | Estonia to expand solar-power production with €62 million EIB, SEB and Luminor loan to renewables company Sunly
Summary
It will be the biggest photovoltaic (PV) production site in the Baltics with capacity of 244 megawatt peak (MWp) enough to power more than 80,000 households in Estonia. Solar park is built together with local landowner Metsagrupp.The financing comes weeks after Estonia, Latvia and Lithuania completed a switch from Russias electricity grid to the European Union system, which serves more than 400 million customers, and advances the EUs goal of becoming climate neutral by 2050. Hybrid parks not only enhance efficiency but also accelerate grid connection timelines, significantly shortening the development and construction cycle. For consumers, this means more electricity, delivered faster," added Lepasepp.Both commercial banks highlight the importance of achieving Estonias renewable energy goals. We are especially pleased to see the EIB as the key lender for this project, as such cooperation between commercial banks and development banks is crucial for the realization of our renewable energy projects and for meeting Estonias renewable energy goals.In 2024, Estonias solar capacity was estimated at 1200 MW, accounting for about a quarter of the countrys total electricity-generation capacity.