Baltic Storage Platform secures €85.6m in financing

The Baltic Storage Platform has received €85.6m in financing from multiple European investors to support the transition to renewable energy.

The joint venture brings together French independent solar power producer Corsica Sole, Estonian renewable energy developer Evecon and Natixis Investment Managers affiliate Mirova.

The €85.6m financing comes from the European Bank for Reconstruction and Development (EBRD), Edmond de Rothchild Asset Management and the Nordic Investment Bank (NIB). 

The financing will support two battery energy storage projects: Hertz 1 and Hertz 2, located in Estonia. Hertz 1 features a “major” technical innovation: connection to Estonia’s 330 kilovolt transmission network through an underground cable.

André Küüsvek, president and CEO of NIB said: “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.”

Grzegorz Zielinski, head of energy Europe, EBRD added: “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.”