Luxembourg-headquartered The European Investment Bank (EIB), SEB and Luminor lent €62 million (~$67.12 million) to Sunly for the Risti solar park in Estonia. The EIB provided €31 million (~$33.56 million), and the rest came from SEB and Luminor. The solar park is in Lääne County, 65 km southwest of Tallinn. It will have a capacity of 244 MW and supply power to over 80,000 households. The project is expected to be completed by 2027.This follows the Baltic states’ switch from Russia’s electricity grid to the EU system. It is the EIB's first fully merchant renewable energy financing in the Baltics. Sunly also planning to add 1000 MWh of battery storage by 2026. The new PV plant will help Estonia reach its 2030 solar capacity target of 1480 MW.  Recently, The European Investment Bank (EIB) and SACE has collaborated on a €100 million loan for a 242.78 MW photovoltaic plant in Sicily.