Harju County, Estonia – 30.10.2025 – A joint venture known as the Baltic Storage Platform (BSP) has secured a significant amount of financing for its two battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia. The venture brings together 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.
The European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB) have provided €85.6 million in financing for the two projects. This marks the first project financing in the Baltic countries that is structured around the revenues generated by energy storage assets, making it a groundbreaking transaction in the region.
EBRD and NIB’s financing also includes a first-loss risk cover from the EU under its InvestEU program, further demonstrating the private sector’s confidence in strategic energy infrastructure and offering a tangible solution to the Baltic region’s energy independence and security-of-supply challenges.
Karl-Joonatan Kvell, CEO of Evecon, says, “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.”
Both Hertz 1 and Hertz 2, with a combined capacity of 200 MW of power and 400 MWh of storage capacity, 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 in accelerating the phase-out of fossil fuels.
Hertz 1, located in Kiisa, has been energized on October 1st, 2025, with commissioning scheduled for the end of 2025 and the full suite of grid services expected by Q1 2026. Hertz 2 is already under construction and is scheduled to enter into operation by the end of 2026.
Mirova, who has been supporting these projects since 2024, is proud to be part of this partnership with Corsica Sole and Evecon. Raphaël Lance, Global Head of Private Assets at Mirova, says, “This closing with such reputable lenders demonstrates the bankability of large-scale energy storage, Hertz 1 and Hertz 2 in Estonia, and paves the way for a new generation of low-carbon infrastructure.”
André Küüsvek, NIB President and CEO, says, “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 of BRIDGE, the Infrastructure Debt platform of Edmond de Rothschild, say, “This new investment is testament 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, says, “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 they also strengthen the region’s energy security. We are pleased to have been able to support this strategic investment and look forward to further demonstrating the appeal and bankability of such projects in the region.”
The project has received support from a team of advisors, including Astris Finance as financial advisor, Linklaters as international legal advisor, Cobalt and AG Law as local legal advisors, and Advokaadibüroo RASK as a local legal advisor for the sponsors. A&O Shearman and Ellex served as legal advisors to the lenders, with Clean Horizon as market advisor, Everoze as technical advisor, WSP as ESG advisor, WTW as insurance advisor, and EY as tax and model advisor.
For media inquiries, please contact:
Evecon: Dalton PR – ivo@dalton.ee – Ivo Kallasmaa – (+372) 5064593
Corsica Sole: Open 2 Europe – Tessa Savin – t.savin@open2europe.com
Mirova: France mirova@steeleandholt.com / UK mirova@quillpr.com
NIB : lotta
