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The Baltic Storage Platform 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.
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 benefit from first-loss risk cover from the EU under its InvestEU programme.
This collaboration between multilateral institutions and private investors sends a strong signal: large-scale energy storage projects are now considered bankable assets capable of attracting private capital to support Europe’s energy transition.
The financing will support two projects located in Kiisa and Aruküla, both approximately 25 kilometres from Tallinn. With combined capacity of 200 megawatts of power and 400 megawatt-hours of storage, Hertz 1 and Hertz 2 will form one of the largest battery complexes in continental Europe. These assets will play a critical role in stabilising the Baltic power system following recent synchronisation with the European grid, and in accelerating the phase-out of fossil fuels.
Hertz 1 also features a major technical innovation: connection to Estonia’s 330 kilovolt transmission network through an underground cable – an unprecedented development in the country that will enhance grid resilience and facilitate renewable integration.
Construction well under wayHertz 1 and Hertz 2 are already well under way. Hertz 1, located in Kiisa, was energised on 1 October 2025, with commissioning scheduled for the end of 2025 and the full suite of grid services expected in the first quarter of 2026. Hertz 2 is under construction and is scheduled to enter into operation by the end of 2026.
Lender and Sponsor Quotes
“For Estonia, Hertz 1 and Hertz 2 are more than projects: they are strategic infrastructure 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, which 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, such as 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 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, President and CEO, NIB
“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 Asset Management.”
– Jean-Francis Dusch, CIO, and Shirley Chojnacki, Head of Energy at 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 increases in 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