EIB, SEB, and Luminor finance Sunly’s solar power expansion with EUR 62 million

COBALT banking & finance and real estate & energy teams are honoured to have assisted European Investment Bank (EIB), SEB, and Luminor in connection with making available EUR 62 million in financing to Sunly’s subsidiary Metsapäike Risti OÜ to support its solar power expansion in Estonia. This investment will enable the construction and development of a new solar park, accelerating the Baltic region’s green transition and electricity independence.

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union.

SEB, the leading business bank in the Nordics, is one of the largest financiers of renewable energy in the Baltics. SEB’s green financing portfolio has grown significantly in recent years, supporting various sustainable projects, including wind and solar parks, as well as energy efficiency solutions for businesses and households.

Luminor is a leading independent bank in the Baltics and the region’s third-largest financial services provider.

Risti solar park, to be located 65 kilometres southwest of the capital Tallinn in Lääne County, is due to become operational by 2027. It will be the biggest photovoltaic (PV) production site in the Baltics with capacity of 244 megawatt peak (MWp) – enough to power more than 80,000 households in Estonia. Solar park is built together with local landowner Metsagrupp.
Sunly currently operates 334 MW of renewable energy in the Baltics and Poland.

COBALT alongside Clifford Chance Poland advised the lenders on all legal aspects of the financing process, including conducting bankability review of the project and drafting and negotiating of financing documents.

COBALTs team included Partner Marina Kotkas, Senior Associates Sandra Sillaots and Helen Sool, Junior Associates Chris Oliver Rahumägi and Tom Suiste, and Assistant Lawyer Joosep Lang.