QAZAQ GREEN. Financing for the construction of the largest solar park in the Baltics has been secured through a syndicated loan organized by three banks. The solar park, which will have a total capacity of 244 megawatts, is being developed in Risti, Läänemaa County, according to Delfi.

Indrek Yulge, Head of Corporate Banking at Luminor Estonia, emphasized the significance of the project, noting that the bank's participation in the syndicate represents its largest single investment in renewable energy to date. This move will substantially increase the share of green projects in the bank’s portfolio.

"The solar park in Risti is particularly noteworthy because it is the largest privately financed renewable energy project in Estonia, built entirely under market conditions without state subsidies or financial aid," Yulge stated. "With a capacity to power more than 80,000 households, it will play a crucial role in strengthening Estonia’s energy independence."

The Sunly Hybrid Park in Risti will initially focus on solar energy but is set to expand with wind power generation and energy storage capacity in the future. The 244 MW solar plant is expected to be operational by 2027. Sunly is also working on additional renewable energy projects totaling 839 MW, aiming to reach 1 gigawatt (GW) of installed and under-construction capacity by 2026.

"Hybrid parks not only improve efficiency but also accelerate grid connection, significantly reducing development and construction timelines. This makes hybrid projects more competitive compared to traditional renewable energy facilities that rely on a single technology. For consumers, this translates to more affordable, locally generated electricity."

The total project financing amounts to €125 million, with a syndicated loan from the European Investment Bank (EIB), Luminor, and SEB covering €61.7 million.

As of 2024, Estonia’s total installed solar power capacity is estimated at 600 MW, accounting for nearly one-quarter of the country’s total renewable electricity generation. By 2030, Estonia aims to reach 1,000 MW of solar capacity, with the Risti solar park contributing up to 25% of that goal.