The European Investment Bank (EIB), alongside SEB and Luminor, is providing 62 million euros in financing for Estonia’s largest solar park, Trend reports.

Renewable energy company Sunly will develop the 244 MWp Risti solar park in Lääne County, 65 km southwest of Tallinn, with operations set to begin by 2027.

The EIB is lending 31 million euros, with the remaining amount covered by SEB and Luminor. The project follows the Baltic states’ recent transition from Russia’s electricity grid to the EU system and aligns with the EU’s climate neutrality targets.

The Risti solar park will generate enough electricity to power over 80,000 households. It will be developed with local landowner Metsagrupp and will integrate battery storage and wind power, with plans to add 1,000 MWh of battery storage by 2026.

"This investment strengthens renewable energy in the Baltic region and enhances energy security," said EIB Vice-President Thomas Östros.

The total project cost is estimated at 125 million euros and will contribute 16% toward Estonia’s 2030 solar capacity target of 1,480 MW. The financing is supported by an InvestEU guarantee.