BAKU, Azerbaijan, October 31. The Baltic Storage Platform joint venture—uniting 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 secured 85.6 million euro in financing from the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB) for its two large-scale battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia, Trend reports.
This landmark transaction represents the first project financing in the Baltic region structured entirely around revenues generated by energy storage assets. It marks a major step forward for private-sector investment in strategic energy infrastructure, offering a concrete response to the Baltic countries’ energy security and independence goals.
Both the EBRD and NIB financing benefit from first-loss risk cover under the EU’s InvestEU program, highlighting strong collaboration between multilateral institutions and private investors. The transaction sends a clear message: large-scale energy storage is now a bankable, investment-ready sector capable of attracting significant private capital to support Europe’s energy transition.
The financing will support construction of the Hertz 1 and Hertz 2 projects, located in Kiisa and Aruküla, approximately 25 kilometers from Tallinn. With a combined capacity of 200 megawatts of power and 400 megawatt-hours of storage, the two facilities will form one of continental Europe’s largest battery complexes. The systems will play a vital role in stabilizing the Baltic grid and accelerating the shift away from fossil fuels.
A major technical innovation of Hertz 1 is its connection to Estonia’s 330-kilovolt transmission network via an underground cable—a national first that will enhance grid resilience and renewable integration.
Construction Progress
Construction on both projects is advancing rapidly. Hertz 1, located in Kiisa, was energized on October 1, 2025, with commissioning expected by the end of the year and full grid services to begin in early 2026. Hertz 2 is under construction and scheduled to become operational by late 2026.
Statements from Lenders and Sponsors
“For Estonia, Hertz 1 and Hertz 2 are more than projects—they are strategic infrastructure proving that the energy transition is tangible. The imminent commissioning of Hertz 1 shows this financing is supporting a real, operational asset,” said Karl-Joonatan Kvell, CEO of Evecon.
“Corsica Sole has built its energy storage expertise in French island territories and Belgium. With Hertz 1 and Hertz 2, we bring this know-how to enhance European grid stability and energy sovereignty,” said Michael Coudyser, CEO of Corsica Sole.
“Mirova is proud to partner with Corsica Sole and Evecon in these projects. This successful closing demonstrates the bankability of large-scale storage like Hertz 1 and Hertz 2 and paves the way for a new generation of low-carbon infrastructure,” said Raphaël Lance, Global Head of Private Assets at Mirova.
“NIB’s financing supports strategic infrastructure that strengthens regional energy security and climate goals. These systems are essential for ensuring grid stability and integrating renewables efficiently,” said André Küüsvek, President and CEO of NIB.
“This new investment underscores our commitment to sustainable infrastructure and our strong partnership with Corsica Sole and Mirova. The project supports Estonia’s renewable energy goals and strengthens our infrastructure debt portfolio,” said Jean-Francis Dusch, CIO, and Shirley Chojnacki, Head of Energy at BRIDGE, Edmond de Rothschild Asset Management.
“Energy storage projects not only advance the Baltic region’s renewable ambitions but also bolster energy security. We are pleased to support this strategic investment and demonstrate the financial appeal of such assets,” said Grzegorz Zielinski, Head of Energy Europe at EBRD.
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