03 Nov 2020 10:52

SEB issues its first green loan in the Baltics

SEB’s Estonia branch has granted a loan of 1.7 million euros to energy company Sunly for the construction of solar parks — the first loan classified as green to be issued by SEB in the Baltics.

The loan, which is included in SEB's so-called green pool, will finance the construction of 16 Sunly solar parks across Estonia. Together, these solar parks will produce 3,200 MWh of electricity per year, equivalent to the energy needs of more than 1,200 electric cars during an entire year.

"With the help of the green loan, we support the transition to a more environmentally friendly economy, which is why we are glad to finance the construction of Sunly's first solar parks in Estonia. Renewable energy is the future that we are creating today, and the aim of SEB's green loan is to support this positive trend with real measures," says Artjom Sokolov, head of Corporate Banking at SEB Estonia.

"We have since the issuance of SEB´s inaugural green bond built up a pool of eligible green assets. I am very pleased that we now will start to further grow this pool with Baltic green assets" ," says Jonas Solehav, Chair of SEB's Environmental and Sustainable Product Steering Committee.

Sunly's projects are the first to be financed under Estonia's new renewable energy support program, in which the government is organising auctions for the construction of new renewable energy plants. In addition to resulting in greener energy, the program aims to make renewable energy more affordable for consumers.

"This summer, at the first national renewable energy auction, Sunly won the right to construct two solar parks. These are also our first megawatt solar parks in Estonia, and it is fantastic that SEB's green loan supports us in the establishment of these and several smaller solar parks," says Priit Lepasepp, CEO and co-Founder of Sunly.