Corsica Sole, Evecon and Mirova have secured €85.6m in financing, with backing from institutions like Edmond de Rothschild Asset Management, for their joint venture to build and operate two large-scale energy storage parks in Estonia.
The trio’s Baltic Storage Platform (BSP) has secured the financing from institutions including the European Bank for Reconstruction and Development (EBRD) and the Nordic Investment Bank (NIB) for its Hertz 1 and Hertz 2 projects.
The funding represents the first project financing in the Baltic countries that is exclusively structured around the revenues generated by energy storage assets, BSP said.
Hertz 1 in Kiisa was energised on 1 October 2025, and is slated for commissioning by year-end 2025, with grid services launching in the first quarter of 2026. Hertz 2 is currently under construction and is scheduled to begin operations by the end of 2026.
Jean-Francis Dusch, CIO, and Shirley Chojnacki, head of energy of BRIDGE, the infrastructure debt platform of Edmond de Rothschild, said: ”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 AM.”
NIB said it provided a €27.7m, 10-year loan to BSP.
André Küüsvek, NIB president and CEO, said: “With this financing, NIB is supporting strategic infrastructure that strengthens the 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, said: ”Energy storage projects not only advance the Baltic countries’ climate and renewable energy ambitions by supporting the increase of renewables in the energy mix, but they also strengthen the region’s energy security.”
Karl-Joonatan Kvell, CEO of Estonian renewable energy firm Evecon, said: “For Estonia, Hertz 1 and Hertz 2 are more than projects: they are strategic infrastructures 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.”
Michael Coudyser, CEO, Corsica Sole, said: “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.”
Raphaël Lance, global head of private assets, Mirova, said: “This closing with such reputable lenders demonstrates the bankability of large-scale energy storage, Hertz 1 and Hertz 2 in Estonia, and paves the way for a new generation of low-carbon infrastructure.”
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