Investment manager Mirova has participated in a €200m fundraising by independent power producer Sunly
Ellex in the Baltics advised the investment manager Mirova in connection with the investment to independent power producer Sunly.
Independent power producer Sunly raises around 200 million euros to build and expand its renewable energy portfolio in the Baltics and Poland. The capital raise includes investments from Sunly’s existing shareholders and welcomes Mirova, an affiliate of Natixis Investment Managers and French leading asset manager dedicated to sustainable investing, which is becoming the largest investor. None of the investors has the majority stake in Sunly.
Sunly will use the capital according to the 2-year investment plan that foresees further development of its 17.9 GW pipeline of solar and wind power in the Baltic States and Poland.
Raphaël Lance, director of Mirova’s energy transition infrastructure funds, said: “We are very pleased with our investment in Sunly which is in line with our strategy to support the growth of pan-European developers committed to energy transition and help them become large independent renewable power producer. We share the same values with the Sunly shareholders and management team to grow wind and solar plants as fast as possible, developing projects that are respectful towards nature, well integrated with the local communities and socially accepted. We are both willing to expand while setting the highest standards in terms of sustainability and are convinced of the energy transition potential of the Baltics countries and Poland.”
Priit Lepasepp, CEO and co-founder of Sunly, said: “We are extremely grateful for the trust of both existing and new investors. This is great news for our community of partners and employees. We will advance and build solar and wind farms, which helps the current energy crises we are all experiencing. Sunly’s projects will contribute to lower power prices and increased energy security.”
Mirova’s legal advisors were Ellex in the Baltics and law firm Linklaters. Ellex team included Partners Rūta Armonė, Dovilė Greblikienė, Martin Käerdi, Senior Councel Iveta Ceple, Counsels Jaanus Ikla and Triin Frosch, Expert Gintaras Balčius, Associate Partner Edvinas Beikauskas, Senior Associates Arvydas Grušeckas, Augustinas Mačionis, Hanna Pahk and Gabrielė Vazniokaitė, Associates Gabriela Fomina and Ineta Kanepe.
Mirova is a management company dedicated to sustainable investments and an affiliate of Natixis Investment Managers. Through conviction management, Mirova’s goal is to combine long-term value creation and sustainable development. Pioneers in many areas of sustainable finance, Mirova’s talents aim to continue innovating in order to offer their clients solutions with high environmental and social impact.
Sunly, founded in 2019, is a developer of solar and wind parks in the Baltics and Poland.