- The Baltic Storage Platform raised €85.6 million to build Estonia’s 200MW/400MWh Hertz 1 and Hertz 2 battery projects.
- The deal marks the Baltics’ first storage-only financing, strengthening energy security and renewable integration under the EU InvestEU programme.
The Baltic Storage Platform joint venture, formed by Corsica Sole, Evecon, and Mirova, has secured €85.6 million in financing for two large-scale battery energy storage projects in Estonia, Hertz 1 and Hertz 2.
The €85.6 million deal, backed by the EBRD, NIB, and Edmond de Rothschild, marks the Baltic region’s first financing based solely on battery storage revenues. The 200MW/400MWh Hertz projects will also strengthen Estonia’s grid and reduce reliance on fossil fuels.
Meanwhile, the European Bank for Reconstruction and Development (EBRD), Nordic Investment Bank (NIB), and Edmond de Rothschild Asset Management provided the funding, with risk coverage from the EU’s InvestEU programme.
Located in Kiisa and Aruküla, the projects will rank among Europe’s largest storage complexes. Hertz 1, connected via Estonia’s first 330kV underground line, was energised in October 2025, with full operations due in early 2026. Hertz 2 will follow by late 2026.
In addition, Evecon CEO Karl-Joonatan Kvell said the projects represent “strategic infrastructure proving the energy transition is real.” Corsica Sole CEO Michael Coudyser said the initiative strengthens Baltic energy sovereignty, while Mirova’s Raphaël Lance called it proof of “the bankability of large-scale storage.”
The financing highlights growing investor confidence in battery storage as a key driver of Europe’s clean energy transition and regional energy security.