Sunly gets loan from Eiffel for Polish solar plans

PGE's first solar plant. Author: PGE Polska Grupa Energetyczna SA. License: All Rights Reserved

April 13 (Renewables Now) - Estonia-based renewables developer and independent power producer (IPP) Sunly AS will get EUR 11 million (USD 12m) in financing from vehicles managed by Eiffel Investment Group for its solar investments in Poland.

The bridge facility, extended under the Eiffel Energy Transition programme, will help Sunly finance the purchase of ready-to-build solar projects and pay deposits for tenders and grid connection applications. The financing will accelerate the company’s development in Poland.

Eiffel Investment has EUR 4 billion under management, with mainly large institutional investors as clients.

“We are happy to contribute to the acceleration of Sunly’s investment program in Poland and in the Baltics, as well as its strategy to integrate development and EPC activities. The north-eastern European market is a strategic region for the acceleration of the European energy transition, that Eiffel is happy and proud to support,” said Pierre-Antoine Machelon, CIO Energy Transition at Eiffel.

Sunly recently wrapped up the acquisition of a 100% stake in Polish solar PV specialist Alseva Group. Together, the companies have 16.2 GW of solar and wind projects under development. They plan to launch construction of more than 250 MW of solar capacity in the next 12 months, Sunly CEO Priit Lepasepp said earlier this month.

(EUR 1 = USD 1.086)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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