Baltic Storage Platform secures €85.6 million financing for Hertz 1 and Hertz 2 battery energy storage systems in Estonia
Type: Financing · Technology: Storage · Country: Estonia · Capacity: 200 MW · Announced: 2026-07-07
Baltic Storage Platform, a joint venture between Estonian developer Evecon, French power producer Corsica Sole, and investment fund Mirova, secured an €85.6 million ($96.95 million) financing package for the Hertz 1 and Hertz 2 battery energy storage systems (BESS) in Estonia. The financing was provided by the European Bank for Reconstruction and Development, Nordic Investment Bank, and Edmond de Rothschild Asset Management, covering construction costs for the 200 MW, 400 MWh project complex. The Hertz 2 BESS began operations on July 7, 2026, in Aruküla, Estonia, complementing the 100 MW Hertz 1 BESS which opened in Kiisa in February 2026. The facilities are connected to the grid operated by Estonian transmission system operator Elering and will provide frequency regulation services alongside participation in day-ahead and intraday electricity markets. The €170 million ($193.9 million) private-sector investment was made without subsidies, according to Evecon CEO Karl-Joonatan Kvell.
Counterparties
- European Bank for Reconstruction and Development (Lender)
- Mirova (Parent Company)
- Edmond de Rothschild Asset Management (Lender)
- Evecon (Parent Company)
- Corsica Sole (Parent Company)
- Elering (Offtaker)