Baltic Storage Platform (BSP), a joint venture between Corsica Sole, Evecon and Mirova, has secured €85 million in financing for two large-scale battery storage projects in Estonia, the companies said on Thursday.
The financing package was provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB), marking the first transaction in the Baltic region structured entirely around battery storage revenues, BSP said.
The EBRD and NIB tranches include first-loss risk coverage from the European Union under its InvestEU programme.
BSP said the Hertz 1 and Hertz 2 projects, located in Kiisa and Aruküla, will provide a combined 200 megawatts (MW) of power and 400 megawatt-hours (MWh) of capacity, forming one of continental Europe’s largest battery complexes. The facilities are designed to support grid stability as the Baltic electricity system prepares to synchronise with the European network and to advance the region’s transition away from fossil fuels.
Hertz 1 was energised on October 1 and is expected to be commissioned by the end of 2025, with full grid services operational in early 2026. Hertz 2 is under construction and scheduled to begin operations by the end of 2026, the joint venture said.
Karl-Joonatan Kvell, chief executive of Evecon, said the projects mark an important step in Estonia’s energy transition. “For Estonia, Hertz 1 and Hertz 2 are more than projects: they are strategic infrastructures that prove the energy transition is tangible,” he said.
Michael Coudyser, CEO of Corsica Sole, said the company is contributing expertise to strengthen the regional grid. “We are bringing unique know-how to support European grid stability and the energy sovereignty of the Baltic states,” he said.
Raphaël Lance, global head of private assets at Mirova, said the financing “demonstrates the bankability of large-scale energy storage.”
NIB chief executive Andre Kuusvek said the projects “strengthen the regional energy security and climate goals across the Baltic region,” while EBRD’s head of energy for Europe, Grzegorz Zielinski, described the investment as “strategic,” enhancing both energy security and renewable integration.
BSP said the Hertz 1 facility will include a 330-kilovolt (kV) connection via underground cable — a first for Estonia.
Advisers to BSP include Astris Finance, Linklaters, Cobalt, AG Law and RASK. Lenders were advised by A&O Shearman, Ellex, Clean Horizon, Everoze, WSP, WTW and EY.
