SEB financed the expansion of Sunly to Latvian and Lithuanian markets through green guarantees
SEB Pank issued to Sunly, a company engaged in the development of renewable energy, a green guarantee in total amount of EUR 13 million, increasing thereby the green guarantee portfolio of SEB Estonia above the EUR 28 million limit. With the financing received, Sunly will build 1GW solar parks in Lithuania and Latvia, supporting thereby the production of the renewable energy in the region.
“By developing the solar parks and expanding our operations, we contribute to the climate change mitigation and green transition. Our people in the Baltics and Poland are working with sustainable and renewable energy sources day after day, for future energy security. We are only glad that we were able to use SEB’s green guarantee, which makes the development even more sustainable,” Priit Lepasepp, CEO of Sunly, commented on the transaction.
“Sustainability is important and a forward-looking topic and as a bank with global reach it is our opportunity and wish to support domestic companies in their expansion outside of Estonia. If we can do this sustainably, for example with the green guarantees, issued to Sunly, it will be a step towards a more sustainable future,” said Artjom Sokolov, Head of Corporate Banking at SEB.
• A green guarantee is a financial product which follows the SEB Green Bond Framework (ENG).
• SEB Green guarantees are designed for financing wind and solar projects.
Sunly was established in 2019, in Estonia. Sunly has quickly become a trusted player in the development of solar and wind parks in the Baltics and Poland.
SEB is a leading Nordic group of financial services, providing a broad range of financial services and advisory services in Sweden and the Baltic States.