Plus, the UK’s Growth Impact Fund supports 65,000 people facing systemic inequalities | First close of $25m Arāya Super Angel Fund.
The Tallinn-based renewable energy firm Sunly has raised €300m in debt financing, which it will use for the construction of 1.3GW of solar, wind, storage and hybrid parks across the Baltics and Poland. Financing comes from Rivage Investment, via REDI HR2, and Copenhagen Infrastructure Partners (CIP), through its Green Credit Fund I. Additionally, Norway’s largest pension company Kommunal Landspensjonskasse is investing through funds managed by CIP.
The firm says the EU faces ongoing challenges in reducing its dependence on Russian Gas. It cites a report from Clean Energy Wire which revealed that EU countries imported around 30% more natural gas from Russia in May 2024 compared to September 2022. Russia’s influence in the region’s energy market means there have often been price fluctuations and supply disruptions when geopolitical volatility has been an issue, according to the firm.
Priit Lepasepp, co-founder and CEO of Sunly, said: “This investment enables us to improve our infrastructure with new grid connections and solar parks in the Baltics, which will support our onshore wind and storage pipeline expansion. To help reduce energy costs, our focus will be on two key areas: building a hybrid pipeline with storage capabilities and advancing the electrification of heating and mobility systems, thereby diminishing our reliance on imported fossil fuels and optimising the use of local renewable resources”.
UK’s Growth Impact Fund supports 65,000 people facing systemic inequalities
The Growth Impact Fund, a social impact investment fund which was launched by Big Issue Invest and UnLtd in 2022, has said it has supported more than 65,000 people facing systemic inequities via its investments in eight social purpose organisations across the UK.
The fund’s investments totalled over £1.8m, according to the firm’s latest impact report. It has invested in eight social purpose organisations across the country. Since the report was commissioned, investments have risen to £2m, with 11 investees now being supported.
People that are being helped by the Growth Impact Fund’s allocations include racialised minorities, students, people in prison, long-term unemployed neurodivergent job seekers, and LGBTQIA+ young people. One investee includes Living in Fitness, a health and fitness service for older adults, tackling social isolation, frailty and disability, according to the firm.
Trishna Nath, head of investment at UnLtd, said: “This report showcases the fund’s role in increasing opportunities for social entrepreneurs traditionally underserved by the investment market. By providing these individuals with access to capital and advisory support, we have empowered them to make a more significant impact on their communities and have established a blueprint for the broader social impact sector to follow.”
Arāya Ventures sees first close of $25m Arāya Super Angel Fund
London-based venture capital firm Arāya Ventures has announced the $10.6m (€9.5m) first close of the Arāya Super Angel Fund. The fund, which is community-powered, will invest in up to 60 pre-seed and seed stage founders across the next four years in health tech, fintech, climate, commerce and work. The firm was founded by entrepreneur Rupa Popat.
“This is Arāya Ventures’ first fund and I’m incredibly proud of what we’re able to offer both investors and founders. As a former founder turned investor, I’ve been on both sides of the table and I know that for most early-stage founders, whilst capital is important, it’s also about the additional value and support that investors can provide,” said Popat.
