Sunly AS raised €300 million in debt financing for the construction of 1.3 GW of solar, wind, storage and hybrid parks across the Baltics and Poland, the company said Aug. 27.

Sunly secured the financing from Rivage Investment SAS via its REDI HR2 infrastructure debt fund, Copenhagen Infrastructure Partners P/S (CIP) through its Green Credit Fund I, and Norwegian pension company Kommunal Landspensjonskasse gjensidig forsikringsselskap through funds managed by CIP.

The financing will support the 244-MW Risti solar park in Estonia, which Sunly plans to expand to include onshore wind turbines and battery storage in the future. The funds will also allow construction to immediately start on four solar parks in Latvia totaling 553 MW, designed to enable the eventual integration of wind, battery storage or a combination of both.

The planned 1.3-GW portfolio also includes several large hybrid solar parks in Lithuania, as well as small and large solar parks in Poland by the end of 2026, according to a news release.

Sunly tapped Augusta as the exclusive financial adviser and White & Case, Sorainen and CMS as legal advisers. The lenders hired Ashurst, Gide and Ellex as legal advisers.