Sorainen’s Tallinn office has advised Sunly Land on the issuance of its EUR 14 million bonds, which are to be invested in by Estonia’s LHV pension funds. Ellex Raidla advised LHV on the deal.
According to Sorainen, 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. The firm reported that “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 megawatts in Poland and 3.2 megawatts in Estonia by the end of 2020,” Priit Lepasepp, CEO of Sunly, commented on the deal. “We will be using the investment … made by LHV to fully develop and construct an additional 100 megawatts of solar capacity.”
Sunly Land is a part of Sunly, a developer of renewable energy and cleantech innovation energy in the Baltics.
Sorainen’s team consisted of Senior Associates Katlin Krisak, Piret Lappert, and Jane Eespold.
Ellex Raidla’s team included Partners Ermo Kosk and Gerli Kivisoo and Counsels Toomas Kasesalu and Rain Raa.