Baltic Storage Platform has secured €85m in financing for its two battery projects in Estonia, according to the joint venture.
The platform brings together Corsica Sole, Evecon and Mirova, and said the funding was provided by the European Bank for Reconstruction and Development, Edmond de Rothschild Asset Management, and the Nordic Investment Bank.
The financing is the first in the Baltic region structured solely around battery storage revenues, the partners said.
BSP added that the EBRD and NIB tranches carry first-loss risk cover from the EU under its InvestEU programme.
The Hertz 1 and Hertz 2 projects in Kiisa and Aruküla will deliver 200MW of power and 400MWh of capacity, forming one of continental Europe’s largest battery complexes, the JV said.
BSP said the projects will support Baltic grid stability following synchronisation with the European network and help accelerate fossil fuel phase-out.
Hertz 1 was energised on 1 October and is due for commissioning by end-2025, with full grid services expected by early 2026, BSP added.
Hertz 2 is under construction and scheduled to start operating by the end of 2026.
Karl-Joonatan Kvell, CEO of Evecon, said: “For Estonia, Hertz 1 and Hertz 2 are more than projects: they are strategic infrastructures that prove the energy transition is tangible.”
Michael Coudyser, CEO of Corsica Sole, said the company is bringing “unique know-how to support European grid stability and the energy sovereignty of the Baltic states.”
Raphael Lance, global head of private assets at Mirova, said the closing “demonstrates the bankability of large-scale energy storage.”
Andre Kuusvek, NIB CEO, said the projects “strengthen the regional energy security and climate goals across the Baltic region.”
Grzegorz Zielinski, head of energy Europe at EBRD, said the bank is supporting “strategic investment” that enhances energy security and renewable integration.
The partners said Hertz 1 includes a 330kV connection via underground cable, a first for Estonia.
BSP is advised by Astris Finance, Linklaters, Cobalt, AG Law and RASK, while lenders are advised by A&O Shearman, Ellex, Clean Horizon, Everoze, WSP, WTW and EY.