Baltic Storage Platform Secures €85.6 Million Financing From EBRD, NIB, And Edmond de Rothschild Asset Management

The Baltic Storage Platform joint venture, a partnership 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 two major battery energy storage projects in Estonia, named Hertz 1 and Hertz 2. The funding has been provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB).

This landmark transaction marks the first project financing in the Baltic region structured exclusively around revenues generated by energy storage assets, setting a significant precedent for future investments in clean energy infrastructure. It demonstrates the growing confidence of the private sector and multilateral financial institutions in supporting projects that directly enhance energy security and independence across the Baltic states.

Both the EBRD and NIB financing benefit from first-loss risk coverage provided by the European Union under its InvestEU programme, which aims to foster sustainable investment across Europe. This collaboration between public and private entities underscores the growing recognition of large-scale energy storage systems as bankable assets capable of attracting private capital to accelerate Europe’s energy transition.

The financing will support two large-scale battery projects located in Kiisa and Aruküla, both situated approximately 25 kilometres from Tallinn. Together, Hertz 1 and Hertz 2 will have a combined capacity of 200 megawatts (MW) of power and 400 megawatt-hours (MWh) of energy storage, making them among the largest battery energy storage complexes in continental Europe. These projects will play a crucial role in stabilising the Baltic power grid, especially following its recent synchronisation with the European network, while also helping reduce the region’s reliance on fossil fuels.

A key innovation of Hertz 1 is its connection to Estonia’s 330 kilovolt transmission network via an underground cable—a first for the country. This engineering advancement will enhance grid resilience and support the integration of more renewable energy into Estonia’s power system.Construction of both projects is progressing well. Hertz 1, located in Kiisa, was energised on 1 October 2025, with commissioning expected by the end of the year and full operational grid services slated for the first quarter of 2026. Hertz 2, located in Aruküla, is currently under construction and is scheduled to become operational by the end of 2026.

Commenting on the development, Karl-Joonatan Kvell, CEO of Evecon, said, “For Estonia, Hertz 1 and Hertz 2 are more than projects—they represent strategic infrastructure proving that the energy transition is real and underway. The imminent commissioning of Hertz 1 demonstrates that this financing is supporting tangible, on-the-ground progress.”

Michael Coudyser, CEO of Corsica Sole, added, “Corsica Sole has developed its storage expertise through projects in French island territories and Belgium. With Hertz 1 and Hertz 2, we are bringing that experience to strengthen European grid stability and support the energy sovereignty of the Baltic states.”

Raphaël Lance, Global Head of Private Assets at Mirova, noted, “Mirova has been supporting these projects since 2024, and we are proud to partner with Corsica Sole and Evecon. This successful financing, backed by reputable lenders, proves the bankability of large-scale energy storage and opens the door for a new generation of low-carbon infrastructure in Europe.”

André Küüsvek, President and CEO of NIB, said, “Through this financing, NIB is supporting strategic infrastructure that enhances regional energy security and helps the Baltic region meet its climate goals. Energy storage systems like these are key to achieving energy independence, ensuring grid stability, and integrating renewable energy more effectively.”

Jean-Francis Dusch, CIO, and Shirley Chojnacki, Head of Energy at BRIDGE, Edmond de Rothschild Asset Management, commented, “This investment reflects our deep commitment to sustainable infrastructure and our long-standing collaboration with Corsica Sole and Mirova. We are proud to contribute to Estonia’s renewable energy goals, which are essential for the Baltic region’s sustainability and independence.”

Grzegorz Zielinski, Head of Energy Europe at EBRD, added, “Energy storage projects such as Hertz 1 and Hertz 2 not only support the Baltic states’ renewable energy ambitions but also strengthen energy security in the region. We are pleased to back this strategic investment and demonstrate the growing financial attractiveness of such projects in Europe.”

The successful financing of Hertz 1 and Hertz 2 represents a major milestone for the Baltic energy sector, highlighting the increasing role of battery storage in ensuring grid reliability, enabling renewable integration, and advancing Europe’s broader energy transition goals.