Harju County, Estonia – 30.10.2025 – The Baltic Storage Platform (BSP) joint venture -bringing 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 – has successfully secured €85.6 million 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 battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia.
A First-of-Its-Kind Financing in the Baltic Region
This groundbreaking transaction represents the first project financing in the Baltic countries that is exclusively structured around the revenues generated by energy storage assets.
This major milestone demonstrates the private sector’s direct investment in strategic energy infrastructure, offering a concrete response to the Baltic region’s security-of-supply and energy independence challenges.
Both the EBRD and the NIB financing benefits from a first-loss risk cover from the EU under its InvestEu program.
This collaboration between multilateral institutions and private investors sends a strong signal: large-scale storage projects are now considered bankable assets capable of attracting private capital to support Europe’s energy transition.
A Strategic Project for Europe’s Energy Sovereignty
The financing will support two projects located in Kiisa and Aruküla, both approximately 25 km from Tallinn. With a combined capacity of 200 MW of power and 400 MWh of storage capacity, Hertz 1 and Hertz 2 will form one of the largest battery complex 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 also features a major technical innovation: connection to the 330 kV transmission network via an underground cable, — an unprecedented development in Estonia that enhances resilience and facilitates renewable integration.
Construction well underway
Hertz 1 and Hertz 2 are already well underway. Hertz 1, located in Kiisa, has been energised on October 1st 2025. with commissioning scheduled for end-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.
Quotes
“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.”
— Karl-Joonatan Kvell, CEO, Evecon
“Corsica Sole has built its storage expertise in French island territories and in Belgium. With Hertz 1 and Hertz 2, we are bringing this unique know-how to support European grid stability and the energy sovereignty of the Baltic states.”
— Michael Coudyser, CEO, Corsica Sole
“Mirova, who has been supporting these projects since 2024, is proud to be part of this partnership with Corsica Sole and Evecon. 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.”
— Raphaël Lance, Global Head of Private Assets, Mirova
“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.”
— André Küüsvek, NIB President and CEO
“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.”
— Jean-Francis Dusch, CIO, and Shirley Chojnacki Head of Energy of BRIDGE, the Infrastructure Debt platform of Edmond de Rothschild
“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.”
— Grzegorz Zielinski, Head of Energy Europe, EBRD
