The EBRD is supporting the development of green energy in the Baltic countries and Poland, by investing in Sunly AS (Sunly), a leading renewable energy developer based in Estonia. The Bank has committed EUR 30 million to purchase a minority equity stake in the company.

Sunly is one of the fastest growing privately owned renewable energy developers in the Baltic States and in Poland. The EBRD’s investment will enable Sunly to expand its renewable energy capacity in the region, and invest in green innovation projects, achieving significant GHG emissions savings.

Estonia has historically relied on oil shale for electricity generation, which is the most carbon intensive amongst all fossil fuels. Likewise, its neighbours Latvia and Lithuania, as well as Poland, have relied on gas and coal to meet their energy needs, resulting in significant carbon emissions.