Baltic Storage Platform secures €85.6 million for Estonian battery storage projects

Harju County, Estonia – October 30, 2025 – The Baltic Storage Platform (BSP) joint venture, comprising French independent solar power producer Corsica Sole, Estonian renewable energy developer Evecon, and Mirova, has secured €85.6 million in financing for its Hertz 1 and Hertz 2 battery energy storage projects located in Estonia. The funding was provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB).

This transaction marks the first project financing in the Baltic countries structured exclusively around revenue from energy storage assets. The involvement of multilateral institutions and private investors signals that large-scale storage projects are now considered bankable and capable of attracting private capital to support Europe's energy transition. The development addresses critical challenges in supply security and energy independence for the region.

The financing will support two projects in Kiisa and Aruküla, approximately 25 km from Tallinn. With a combined capacity of 200 MW of power and 400 MWh of storage, Hertz 1 and Hertz 2 will constitute one of the largest battery complexes in continental Europe. These facilities are expected to play a crucial role in stabilizing the Baltic power system following its synchronization with the European grid and in accelerating the phase-out of fossil fuels.

Hertz 1 also features a significant technical innovation: connection to the 330 kV transmission network via an underground cable, a first in Estonia that enhances resilience and facilitates renewable integration. Hertz 1 was energized on October 1, 2025, with commissioning scheduled for the end of 2025. Hertz 2 is currently under construction and is slated for operation by the end of 2026.