Mirova energy transition fund invests in Baltic battery storage platform

An energy transition fund managed by Mirova is investing in a battery-storage platform which will help Estonia and other Baltic countries stabilise their electricity grids ahead of plans to disconnect from Russia’s power grid and synchronise with the European grid in 2025.

Mirova, an affiliate of Natixis Investment Managers, said its Energy Transition 5 (MET5) fund is investing in the Baltic Storage Platform, a venture created in 2023 to develop, build and operate high-capacity battery-storage plants in Estonia.

Baltic Storage Platform was created by renewable energy firms Corsica Sole and Evecon. Corsica Sole remains the majority shareholder of the joint venture alongside Evecon and MET5.

Financial details were not disclosed.

In November 2023, Corsica Sole and Evecon unveiled plans to build two Estonian storage facilities in 2025. These facilities will have a combined power capacity of 200MW and a total energy storage capacity of 400M-hours.

Raphaël Lance, head of energy transition infrastructure funds at Mirova, said: “This participation in the capital of the Baltic Storage Platform demonstrates our desire to invest in new innovative and meaningful projects for European citizens. We are particularly proud to participate in the decarbonisation and energy independence of the Baltic countries through the installation of new clean energy production and storage capacities.

“At the origin of the relationship between our partners Corsica Sole, and Evecon, we have very logically chosen to strengthen the financial capacity of their common platform dedicated to storage to allow it to deploy more capacity in the Baltic countries.”

Michael Coudyser, CEO of Corsica Sole, said: “As a committed player in sustainable finance, Mirova will help us operate very large capacity battery storage plants connected to the electricity transmission network.

“These are decisive projects for Estonia and the baltic countries concerned with getting closer to the network of the continental European plaque. Finally, this entry into the capital demonstrates our complete confidence in Mirova’s teams.”

Karl Kull, CEO of Evecon, said: “Mirova’s entry into this joint venture materialises the partnership imagined several months ago between Evecon, Corsica Sole and Mirova on these projects.

”As already partnering with Mirova on our solar projects in Estonia, and with Corsica Sole since 2023 in this joint venture, we had no doubt about the quality of this partnership and are very pleased to see this complementarity of skills finally associated to the benefit of our storage projects in Estonia.”

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