**Baltic Storage Platform Secures €85.6 Million Financing for Large-Scale Battery Projects in Estonia**
*Harju County, Estonia – 30 October 2025* – The joint venture Baltic Storage Platform (BSP) has secured a landmark €85.6 million financing package for its two battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia. BSP unites 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.
This financing marks a groundbreaking milestone as the first project financing in the Baltic countries structured around revenues generated by energy storage assets. The funding was provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB).
The financing includes a first-loss risk cover from the European Union under its InvestEU program, showcasing strong private sector confidence in strategic energy infrastructure. This support offers a concrete solution to the Baltic region’s energy independence and security-of-supply challenges.
Karl-Joonatan Kvell, CEO of Evecon, stated,
“For Estonia, Hertz 1 and Hertz 2 are more than projects: they are strategic infrastructures that prove the energy transition is tangible. The imminent commissioning of Hertz 1 shows this financing is backing a real-world project already under construction.”
### Project Details and Impact
Hertz 1 and Hertz 2 will combine to deliver 200 MW of power and 400 MWh of storage capacity, establishing one of the largest battery complexes in continental Europe. These assets will play a critical role in stabilizing the Baltic power system following its recent synchronization with the European grid and accelerate the phase-out of fossil fuels in the region.
Hertz 1, located in Kiisa, was energized on 1 October 2025. Commissioning is scheduled for the end of 2025, with a full suite of grid services expected by the first quarter of 2026. Hertz 2 is currently under construction and anticipated to enter operation by the end of 2026.
Raphaël Lance, Global Head of Private Assets at Mirova, shared,
“This closing with such reputable lenders demonstrates the bankability of large-scale energy storage projects like Hertz 1 and Hertz 2 in Estonia and paves the way for a new generation of low-carbon infrastructure.”
### Support for Regional Energy Security and Climate Goals
André Küüsvek, President and CEO of NIB, emphasized,
“With this financing, NIB is supporting strategic infrastructure that strengthens the 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.”
Jean-Francis Dusch, CIO, and Shirley Chojnacki, Head of Energy at BRIDGE, the Infrastructure Debt platform of Edmond de Rothschild, added,
“This new investment testifies to our dedication to sustainable infrastructure and our ongoing strong partnership with Corsica Sole and Mirova. We are proud to contribute to Estonia’s renewable energy goals, which are pivotal for 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.”
Grzegorz Zielinski, Head of Energy Europe at EBRD, commented,
“Energy storage projects not only advance the Baltic countries’ climate and renewable energy ambitions by supporting the increase of renewables in the energy mix but also strengthen the region’s energy security. We are pleased to have supported this strategic investment and look forward to further demonstrating the appeal and bankability of such projects in the region.”
### Advisory Teams
The project benefited from the expertise of a comprehensive team of advisors:
– Financial Advisor: Astris Finance
– International Legal Advisor: Linklaters
– Local Legal Advisors: Cobalt, AG Law, and Advokaadibüroo RASK (for sponsors)
– Legal Advisors to the Lenders: A&O Shearman and Ellex
– Market Advisor: Clean Horizon
– Technical Advisor: Everoze
– ESG Advisor: WSP
– Insurance Advisor: WTW
– Tax and Model Advisor: EY
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### Media Contacts
**Evecon**
Dalton PR
Email: [email protected]
Phone: +372 5064593 (Ivo Kallasmaa)
**Corsica Sole**
Open 2 Europe
Email: [email protected] (Tessa Savin)
**Mirova**
France: [email protected]
UK: [email protected]
**Nordic Investment Bank (NIB)**
[Contact details as applicable]
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This significant financing represents a vital step forward in the Baltic region’s green energy transition and energy independence. The Baltic Storage Platform’s innovative battery projects exemplify how advanced energy storage solutions can empower cleaner, more resilient power systems across Europe.
https://www.businessmole.com/major-battery-storage-project-in-continental-europe-receives-e85-6-million-financing-from-ebrd-nib-and-edmond-de-rothschild-am-supported-by-baltic-storage-platform-corsica-sole-evecon-mirova/
