Joint venture Baltic Storage Platform, bringing together Corsica Sole, Evecon and Mirova, has secured €85.6mn ($90.6mn) in financing from the European Bank for Reconstruction and Development (EBRD), the Nordic Investment Bank (NIB), and Edmond de Rothschild Asset Management. The deal will fund the construction and commissioning of Hertz 1 and Hertz 2, two battery energy storage facilities located approximately 25 km from Tallinn.
The projects mark an unprecedented milestone in the region: this is the first financing in the Baltic countries structured exclusively around cash flows generated by energy storage assets. The financial structure includes first-loss risk coverage provided by the European Union under its InvestEU programme.
A combined capacity of 200 MW to stabilise the grid
Located in Kiisa and Aruküla, the Hertz projects will deliver a total of 200 MW of power and 400 MWh of storage capacity. They will become one of continental Europe’s largest battery systems. These units are intended to support the stability of the Baltic power grid following its interconnection with the continental European system, while reducing reliance on fossil fuels.
Hertz 1, already energised since 1 October 2025, is expected to be fully operational by the end of 2025. Hertz 2, still under construction, is set to be commissioned by late 2026. Hertz 1 includes a direct 330 kV transmission grid connection via underground cable, a technical first in Estonia.
Financing model involves public and private actors
The financial structure brings together multilateral lenders and institutional investors. Involved parties include Corsica Sole, active in energy storage in French island territories and Belgium, and Evecon, an Estonian developer focused on renewable energy. Mirova, a subsidiary of Natixis Investment Managers, has supported the project since 2024 through its private assets division.
The transaction relied on an extensive set of financial, legal, and technical advisors, including Astris Finance, Linklaters, A&O Shearman, Clean Horizon, and Everoze. The arrangement includes both international and local legal frameworks, as well as a detailed technical risk and performance assessment.
A demonstration of bankability for storage assets
Project stakeholders highlight the bankability of large-scale storage infrastructure. Representatives from the EBRD, NIB and partner entities said the deal reflects the sector’s ability to attract private capital for assets critical to regional energy security. The financing will support increased grid flexibility and enable more effective integration of variable power sources.
