Electricity producer Sun attracted around EUR 200 million of investments to build and expand its renewable energy portfolio in the Baltic States and Poland.
The capital raised includes Sun investments of existing shareholders. The company also starts a new collaboration with Mananything Natixis investment managers subsidiary and a leading French asset manager specializing in sustainable investments.
Man it will become the greatest Sun shareholders, however none of the investors own Sun controlling interest.
The capital increase will be used to implement a two-year investment plan, which provides for the further development of solar and wind energy projects in the Baltic States and Poland for an amount of 17.9 GW of production capacity. In Latvia it is planned to develop projects that will reach 3.2 GW of production capacity.
Sun Latvian CEO Toms Nāburgs expresses his satisfaction that Sunly is becoming one of the leading renewable energy companies in the Baltic countries, supported by strong capital partners and a team of experienced professionals.
“Together with our partners in Latvia, we will continue to work to implement hundreds of MW of solar and wind energy projects over the next two to three years,” says T. Nāburg.
Sun plans to hire new employees in the coming years, increasing the team composition from the current 135 to 400 people. As an added benefit, Sunly also offers its employees shares in all four countries, promoting employee involvement in the company’s growth.
“We are very pleased with our investment in Sunly, which is in line with our strategy to support the growth of European energy project developers engaged in the energy transition, helping them to become the leading independent producers of renewable energy. We, shareholders and Sunly management share the team’s values: develop wind and solar plants as quickly as possible, promote environmentally friendly projects, integrated into local communities and receive public support.Our company’s goal is to expand in the Baltic region, establishing the highest standard of sustainability. We are confident in the potential of the Baltic states and Poland in the transition to more renewable energy production “, comments Raphaël Lance, head of Mirova’s Energy Transition Infrastructure Fund.
