Sunly AS (EBRD-53864)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Poland
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 14, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Sunly AS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 22.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 207.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 18, 2023

Disclosed by Bank Nov 10, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.


An equity investment of up to EUR 22 million in the context of the capital increase of Sunly AS (the "Company"), an Estonia based renewable energy developer and independent power producer, with activities in the Baltic countries and Poland. The investment is part of a capital increase of EUR 200m, of which the investment fund Mirova has taken a substantial stake.


The capital increase is mainly aimed at financing the Company's deployment of renewable energy capacities over the next 24 months.


ETI score: 64

The Project will contribute to the Green transition quality as the Company will be developing renewable energy in the Baltic countries and Poland.


EUR 22,000,000.00

The EBRD would participate to the capital increase with a ticket of up to EUR 22 million.


EUR 200,000,000.00

The amount of the capital increase is of EUR 200 million.


The client is taking comfort from his long-term relationship with the EBRD to take on more risk and/or finance, enabling outcomes such as innovation or expansion into new markets.


The project has been Categorised B in line with EBRD's 2019 E&S Policy. The Bank will be taking an equity investment and a key feature of the E&S due diligence was therefore to review the E&S performance of the current operations; to make an assessment of the capacity and capability of the corporate entity to manage the portfolio in line with EBRD's Performance Requirements; and the ability of the company to develop and implement a comprehensive E&S management system, inclusive of supply chains and procurement of green energy technologies. E&S DD is ongoing and will be completed before Board approval, however, initial findings confirm that E&S risks associated with the project are relatively low; the Company is operating in the EU will in line with environmental standards; and, the company will be required to fulfil ESG reporting requirements and the EU Corporate Sustainability Due Diligence Directive. Through EBRD's engagement with the company, a supply chain management system will be established to assess and mitigate the risks of forced labour in the supply chain and the E&S Action Plan commits the company to have this system in place prior to the future procurement of solar PV panels, this forward looking process is aligned with good practice. The E&S Action Plan will be agreed with the company before approval and will form the basis of EBRD's monitoring of the investment in the future. This section of the PSD will be updated following the completion of the E&SDD.


Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Company was founded in 2018 by investors from the Baltics countries. It has raised EUR 44m of equity between 2019 and 2021. The Company develops, finances, constructs, builds and operates renewable energy projects in the Baltic countries and Poland. It has a pipeline in excess of 17GW.


Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sunly AS Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Company Contact Information

+372 5600 3741
Masti 17, 11911 Tallinn, Estonia


You can request information by emailing: or by using this electronic form:


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