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Baltic Storage Platform secures €85.6mn for dual battery project in Estonia

Joint venture Baltic Storage Platform has secured €85.6mn ($90.7mn) to build two energy storage systems in Estonia, forming one of continental Europe’s largest battery complexes.

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Joint venture Baltic Storage Platform, bringing together Corsica Sole, Evecon and Mirova, has secured €85.6mn ($90.7mn) in funding from the European Bank for Reconstruction and Development (EBRD), the Nordic Investment Bank (NIB) and Edmond de Rothschild Asset Management for its Hertz 1 and Hertz 2 projects. This marks the first project financing in the Baltic region based solely on revenue from battery assets.

The two projects, located in Kiisa and Aruküla, about 25 kilometres from Tallinn, will provide 200 MW of power and 400 MWh of storage capacity. Their role is to support the stability of the Estonian grid, recently synchronised with the European system. The development is part of a regional strategy to strengthen energy independence and reduce reliance on fossil fuels.

A first for battery financing in Eastern Europe

The financial structure is based on contractual revenues from grid stabilisation services. The EBRD and the NIB benefit from first-loss risk coverage under the European Union’s InvestEU programme. This framework enabled the mobilisation of private investors for an asset traditionally viewed as high-risk.

Hertz 1 became energised on 1 October 2025 for initial testing. Full commissioning is expected by the end of the year, with full grid services to follow in the first quarter of 2026. Hertz 2, still under construction, is expected to come online by the end of 2026.

Technical innovations and full legal structuring

Hertz 1 includes a direct link to the 330 kV transmission grid via an underground cable — a first in Estonia. This infrastructure increases grid resilience and supports the integration of variable generation. The consortium was advised by Astris Finance, Linklaters, Cobalt and AG Law, while the lenders were supported by A&O Shearman, Ellex, Clean Horizon, Everoze, WSP, WTW and EY.

This financing signals the emergence of energy storage as a bankable asset class within Europe’s energy landscape. It also reflects growing financial institution interest in contracted revenue projects with a regional strategic purpose.

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