Construction of the largest solar park in the Baltics officially began November 22, as Sunly’s co-founder and CEO, Priit Lepasepp, along with partners, ceremonially installed the first solar panels at Risti, Estonia. The park, which is set to become operational in the fall of 2026, will have a total capacity of 244 MW and generate electricity for approximately 55,000 households.

The 244 MW solar park in Risti, developed in collaboration with Metsagrupp, total cost is €125 million. In August, Sunly secured €300 million from Scandinavian and French investors to fund the development of hybrid parks in the Baltics and Poland.

Plans for the Risti energy park also include future storage solutions and wind turbines. According to Priit Lepasepp, the Risti solar park is part of a broader hybrid energy project that combines solar, wind, and energy storage.

“It is also important to consider not just foreign investors but also the companies already operating here. The Ministry of Economy is actively seeking solutions to simplify the planning process for developers by analyzing all aspects of the planning process.”
Erkki Keldo, Estonia’s Minister of Economy and Industry

“In addition to the solar park, we plan to add storage opportunities at Risti in the coming years, which will help stabilize electricity prices for consumers in the future,” Lepasepp said. The planned battery park will have a capacity of 144 MW. As part of an ongoing special spatial plan for wind energy, the company is also working with the community to identify a location for nine wind turbines.

The Risti solar park project has been developed in close cooperation with the local community. This spring, the company signed an agreement with the Lääne-Nigula municipality, ensuring the municipality receives 0.6% of the Risti solar park’s revenue. For example, at an electricity price of €0.05/kWh, this would amount to approximately €75,000 annually.

Risti Solar Park focuses on innovative clean energy solutions

This initiative supports the development of the region. The agreement is valid for 25 years, the expected minimum lifespan of the solar park. If a wind park is built, Sunly also plans to offer the community discounted electricity.

“In addition to the solar park, we plan to add storage opportunities at Risti in the coming years, which will help stabilize electricity prices for consumers in the future.”
Priit Lepasepp, Sunly’s co-founder and CEO

According to Erkki Keldo, Estonia’s Minister of Economy and Industry, it is crucial for Estonia to provide both new and existing investors with confidence that we can deliver clean energy at a reasonable price within the promised timeframe. Without this, the competitiveness of both current and future industries will be low.

“It is also important to consider not just foreign investors but also the companies already operating here. The Ministry of Economy is actively seeking solutions to simplify the planning process for developers by analyzing all aspects of the planning process,” Keldo said.

The planning of the Risti solar park has placed great emphasis on technological innovation to maximize clean electricity production during peak demand times. The park’s panels will track the sun, ensuring greater efficiency during mornings and evenings when electricity consumption is highest. The main contractor for the project is Connecto.

GOOD TO KNOW

• In August, Sunly raised €300 million in debt financing to accelerate the construction of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland.
• This financing is provided by Rivage Investment via REDI HR2, its second high yield infrastructure debt fund and its Fund for Infrastructure Climate Solutions, and Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I, with additional participation from Norwegian largest pension company Kommunal Landspensjonskasse (KLP) through funds managed by CIP.
• With this investment Sunly’s expansion has been backed by a total of €765 million debt and equity capital from investors, including French fund Mirova, the European Bank for Reconstruction and Development (EBRD), and various banks. In 2023, Sunly successfully raised approximately €200 million from its existing investors, the Mirova, and EBRD to further develop and construct solar and wind parks across Estonia, Latvia, Lithuania, and Poland.

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