Ashurst advises lenders on €300m IPP financing of Baltic renewable energy projects

Global law firm Ashurst has advised the lenders in a €300 million portfolio financing secured by Sunly, a prominent renewable energy producer. This significant financing will accelerate the construction of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland.

The lenders comprised of Rivage Investment via REDI HR2, its second high yield infrastructure debt fund and its Fund for Infrastructure Climate Solutions, and Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund I. Additional participation came from Norway's largest pension company, Kommunal Landspensjonskasse (KLP), through funds managed by CIP.

Sunly, who develops renewable energy projects in the Baltics and Poland, plans to utilise the €300 million portfolio financing alongside distinct project financing packages to develop multiple integrated hybrid parks. These parks will combine wind, solar, and energy storage batteries at single connection points, featuring direct lines to consumers. This approach aims to enhance energy production stability across different weather conditions and optimise cost-efficiency by minimising grid connectivity charges.

The Ashurst team was led by infrastructure finance partner Laura Ho supported by senior associate Eilish O'Neil, associate Jacqueline Chan and trainee Emma Grainger.

Partner Laura Ho said "We are pleased to have advised the lenders on such an important investment for Sunly, which underscores Ashurst's strength and expertise in the renewable energy sector. Our team's deep understanding of complex IPP structures and commitment to delivering innovative solutions were pivotal in working alongside the other parties to bring this to a successful close."