Estonian renewable energy developer Evecon OU and Mirova have signed an agreement to establish a renewable energy platform to build a major Baltic solar farm.
The construction works will be carried out in 2023 and the parks will start producing at full capacity at the beginning of 2024.
The total capacity of the solar farms, located in Laaneranna, Pohja-Sakala and Jarva municipalities in Estonia, is 100MW, and the estimated annual production is up to 100,000MWh.
The size of the project located in Laaneranna is around 70MW, which will make it the largest solar plant in the Baltics at the time of completion.
Karl Kull, Evecon OU board member, said: “Evecon is a fastest growing renewable energy company with an ambitious development plan in the Baltics and the largest portfolio of solar parks in Estonia. This is undoubtedly a big project, the biggest solar park to be built in the Baltics.
“Today’s transaction is the start of our journey towards an ambitious growth plan that will span over the next six years. By the end of this phase, the company will have built 2.5GW of renewable energy in Estonia and the Baltic region.
“Our objective is to build both wind and solar storage, in order to cover the energy consumption of 540,000 households and support energy supply even after the desynchronization of the Russian electricity grid.”
Olena Reznik, Investment Director at Mirova’s energy transition infrastructure team, added: “The strategy of Mirova’s renewable energy funds has always been to participate in building new installed capacity alongside industrial partners and project developers.
“We are very pleased with our co-investment with Evecon and are happy to support Estonia’s ambitions in deploying its own clean energy production and storage capacities. Estonia’s current stable energy legislation, national renewable energy support mechanism and an overall strong entrepreneurship spirit in Estonia played a significant role in our decision to invest in this platform.”