Baltic Storage Platform Secures €85.6 Million in Financing for Two Energy Storage Projects in Estonia
Thursday 30 October, 2025
Harju County, Estonia – The Baltic Storage Platform (BSP), a joint venture between French independent solar power producer Corsica Sole, Estonia’s leading renewable energy developer Evecon, and Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, has successfully secured €85.6 million in financing for its two battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia.
The financing was provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB), making it the first project financing in the Baltic countries that is exclusively structured around the revenues generated by energy storage assets.
This major milestone demonstrates the private sector’s direct investment in strategic energy infrastructure, providing a concrete solution to the Baltic region’s security-of-supply and energy independence challenges.
The EBRD and NIB financing also benefits from a first-loss risk cover from the EU under its InvestEU program, further highlighting the appeal and bankability of large-scale energy storage projects.
“These projects are more than just projects for Estonia – they are strategic infrastructures that demonstrate the tangible progress of the energy transition. The imminent commissioning of Hertz 1 shows that this financing is supporting a real-world project that is already under construction,” said Karl-Joonatan Kvell, CEO of Evecon.
Corsica Sole, which has built its expertise in storage projects in French island territories and Belgium, is bringing its unique know-how to support European grid stability and the energy sovereignty of the Baltic states.
“We are proud to contribute to Estonia’s renewable energy goals and support the Baltic region’s energy independence and sustainability. The project strengthens our infrastructure debt portfolio and reaffirms our commitment to the Energy Transition, a core priority and conviction of Edmond de Rothschild AM,” said Jean-Francis Dusch, CIO and Shirley Chojnacki, Head of Energy of BRIDGE, the Infrastructure Debt platform of Edmond de Rothschild.
The two projects, located in Kiisa and Aruküla approximately 25 km from Tallinn, will have a combined capacity of 200 MW of power and 400 MWh of storage capacity. Once completed, Hertz 1 and Hertz 2 will form one of the largest battery complexes in continental Europe. These assets will play a critical role in stabilizing the Baltic power system following recent synchronization with the European grid and accelerating the phase-out of fossil fuels.
Hertz 1 also features a major technical innovation: connection to the 330 kV transmission network via an underground cable, which is unprecedented in Estonia. This development enhances resilience and facilitates renewable integration.
Construction is well underway for both projects, with Hertz 1 scheduled for commissioning by the end of 2025 and Hertz 2 expected to be operational by the end of 2026.
“This financing supports strategic infrastructure that strengthens regional energy security and climate goals across the Baltic region. These energy storage systems are essential for energy independence, ensuring grid stability, and enabling more efficient integration of renewable energy sources,” said André Küüsvek, NIB President and CEO.
The financing was arranged by Astris Finance as the financial advisor for the sponsors, while Linklaters, Cobalt, and AG Law served as legal advisors. Allen & Overy and Shearman & Sterling provided legal advice for the lenders.
Other advisors involved in the project included Ellex as the local legal advisor for the lenders, Clean Horizon as the market advisor, Everoze as the technical advisor, WSP as the ESG advisor, WTW as the insurance advisor, and EY as the tax and model advisor.
For media inquiries, please contact:
Evecon: Dalton PR – Ivo Kallasmaa – (+372) 5064593 – ivo@dalton.ee
Corsica Sole: Open 2 Europe – Tessa Savin – t.savin@open2europe.com
Mirova: Steele & Holt (France) – mirova@steeleandholt.com / Quill PR (UK) – mirova@quillpr.com
NIB: Lotta Forssell – +358 10 618 0498 – lotta.forssell@nib.int
Edmond de Rothschild: Fany de Villeneuve – +33 6 46 24 69 38 – f.devilleneuve@edr.com
EBRD: Nigina Mirbabaeva – mirbaban@ebrd.com
About the Baltic Storage Platform
Baltic Storage Platform OÜ is a joint venture between Evecon, Corsica Sole, and Mirova. The JV aims to develop, build, and
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