The Baltic Storage Platform, a joint venture uniting French solar producer Corsica Sole, Estonian renewable energy developer Evecon, and Mirova (an affiliate of Natixis Investment Managers focused on sustainable investment), has secured €85.6 million in financing for two large-scale battery energy storage projects in Estonia. The funding comes from the European Bank for Reconstruction and Development (EBRD), the Nordic Investment Bank (NIB) and Edmond de Rothschild Asset Management.

This transaction marks a historic milestone: the first project financing in the Baltic states structured entirely around revenues from battery energy storage systems (BESS). It sends a clear signal that large-scale storage assets are now recognised as bankable, commercially viable infrastructure capable of attracting both multilateral and private capital.

The EBRD and NIB loans benefit from first-loss risk coverage through the EU’s InvestEU programme, underscoring the strategic importance of energy storage for European security and decarbonisation.

A Major Boost to Baltic Energy Security

The financing supports two projects—Hertz 1 in Kiisa and Hertz 2 in Aruküla—located roughly 25 km from Tallinn. Together, they will provide:

• 200 MW of power

• 400 MWh of storage capacity

This will make the Hertz complex one of the largest battery installations in continental Europe.

These assets are critical for strengthening grid stability, especially following the Baltics’ recent synchronisation with the continental European power system. They will support peak balancing, stability services, and the deeper integration of variable renewable energy sources as Estonia phases out fossil fuels.

Technical Innovation: Estonia’s First 330 kV Underground Grid Connection

Hertz 1 introduces a national first: an underground 330 kV transmission connection, a major technical advancement that will improve grid resilience and support renewable integration.

Construction Progress

Both projects are already moving forward:

• Hertz 1: Energised on 1 October 2025, with full commissioning planned by the end of 2025. Full grid services will be available in Q1 2026.

• Hertz 2: Currently under construction, with operations scheduled to begin by late 2026.