Estonia is taking a firm step toward energy independence with the construction of the Risti solar park, the largest in the region. The initiative has secured €62 million in financing, with the European Investment Bank (EIB) contributing €31 million and the remaining €31 million financed by SEB and Luminor. This project strengthens the integration of the Baltic countries into the European Union’s electricity grid.
The solar park will be key to Estonia’s renewable energy sector.
Located in Lääne County, 65 kilometers from Tallinn, the Risti solar park will have a capacity of 244 MWp and will supply more than 80,000 homes . It will be developed by Sunly, a company specializing in renewable energy in the Baltic countries and Poland. Commissioning is planned for 2027 .
The EIB emphasized that this financing is the first fully commercial renewable energy operation in the Baltic market, without state subsidies.
This project strengthens Estonia’s energy security and resilience, while driving the green transition.
Said Thomas Östros, Vice-President of the EIB.
Integration with battery storage
One of Risti’s differentiating elements will be the combination of solar energy with battery storage and wind power in a single location. Sunly plans to add 1,000 MWh of battery storage by 2026, which will optimize electricity distribution and increase grid stability.
Priit Lepasepp, CEO of Sunly, emphasized that this strategy accelerates grid connection times and improves the competitiveness of hybrid parks compared to conventional projects.
A key step for the energy transition
Estonia has experienced significant growth in its solar energy capacity, reaching 1,200 MW by 2024. With the goal of reaching 1,480 MW by 2030 , the Risti park will contribute approximately 16% of this target. Furthermore, the financing is supported by the InvestEU program, which is aligned with the EU’s climate and economic cohesion objectives.
The Risti solar park will be the largest source of renewable energy in Estonia to date and has been financed without state subsidies.
Indrek Julge, Head of Corporate Banking at Luminor Estonia, said:
SEB’s Peep Jalakas emphasized that this type of collaboration between commercial and development banks is key to advancing sustainable energy goals.
With this initiative, Estonia strengthens its electricity independence, reducing its dependence on energy imports and advancing decarbonization . The combination of solar energy, battery storage, and wind power marks a new stage in the country’s energy transition.
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Source and photo: Sunly
