Baltic Storage Platform JV—a French-based independent solar power company, Corsica Sole, and Estonian major renewable energy developer Evecon, alongside Mirova, a group of the Natixis Investment Managers that specializes in sustainable investments—managed to finance the two battery energy storage projects, Hertz 1 and Hertz 2, in Estonia, via the European Bank of Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and Nordic Investment Bank (NIB) to the tune of €85.6 million.
The deal is the first project financing in the Baltic region to be based solely on revenue of storage assets of energy. It highlights direct investment by the private sector in strategic energy infrastructure, providing a real-world solution to the energy independence and security-of-supply issues of the region.
The funding provided by EBRD, as well as NIB, is eligible to receive first-loss risk insurance offered by the EU as a part of the InvestEU program. This cooperation of multilateral institutions and the private investors is an indication that energy storage projects on a large scale are now considered as bankable assets that can help lure the private capital to power the energy transformation in Europe.
Hertz 1 and Hertz 2 are in Kiisa and Arukulla, some 25 kilometers south of Tallinn. The projects will create one of the largest battery complexes in continental Europe with the capacity of 200 megawatts of power and 400 megawatt-hours of storage. They will be important in stabilizing the Baltic power system since it has just been linked to the European grid and in hastening the process of abandoning fossil fuels.
A significant technical advancement that is present in Hertz 1 is the fact that it is connected to Estonia’s 330-kilovolt transmission network through underground cable—this is a development that has never been seen in the country and will make the grid more reliable as well as facilitate the integration of renewable energy.
Construction Progress
The work on Hertz 1 and Hertz 2 is in high progress. On 1 October 2025, Kiisa, Hertz 1, was energized, and commissioning should be achieved by the end of 2025, and complete grid services will be provided in the first quarter of 2026. Hertz 2 is being built and will be operational by the close of 2026.
Official Statements:
“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.
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