We represented Sunly Land, a part of Sunly, the Baltic renewable energy and cleantech innovation energy group, in the issue of bonds in the value of up to 14 million euros with a 5-year maturity. LHV pension funds will invest in the bonds.

Focus on solar power plants

With the investment, Sunly plans to grow its renewable energy portfolio by expanding the business in Poland with a focus on building solar power plants. “Sunly will have solar power plants with a nominal capacity of 37 MW in Poland and 3.2 MW in Estonia by the end of 2020. We’ll be using the investment being made by LHV to fully develop and construct an additional 100 MW of solar capacity,” explained the CEO of Sunly, Priit Lepasepp. Currently there are both land and sea wind parks being developed in Estonia. During its 1.5 years of operation, Sunly has invested 25 million euros in renewable energy.

The investment will be made in the form of bonds with an interest rate of 8%. Sunly’s bonds will be redeemed after five years.

Gain for the environment and customers

LHV pension fund portfolio manager Maarja Pärs says that three important aspects make the Sunly investment special. “We’re contributing to the growth of Estonian capital abroad, we’re championing the rise of green energy and we’re earning decent returns for our pension clients,” she said. “So that’s three good things in one.” Pärs added that in making investments LHV is always guided by the principle that every injection of capital should be based on mutually beneficial relations. “Sunly’s growing very nicely at the moment and we feel we can be of use to each other as it continues to grow,” she explained.

Support for Sunly’s Polish expansion plans is the third investment by LHV pension funds on the Estonian capital market this year: the funds purchased bonds in the Valge Maja office building in the centre of Tallinn in January and in Peetri Keskus shopping centre on the border of the city in February.

Our team

Our client team was led by senior associate Kätlin Krisak and supported by senior associates Piret Lappert and Jane Eespõld.

Further information can be found on Sunly’s website. For any additional queries, please contact our finance and insurance specialists or project manager Kätlin Krisak directly.