A joint venture bringing together French solar power producer Corsica Sole, Estonian renewable energy developer Evecon, and Mirova has secured €85.6 million in financing for two battery energy storage projects in Estonia, the bank announced. The European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank are backing the Hertz 1 and Hertz 2 projects, marking the first project financing in the Baltics structured purely around energy storage revenues.
The financing will support two projects about 25 kilometers from Tallinn in Kiisa and Aruküla. With combined capacity of 200 megawatts of power and 400 megawatt-hours of storage, Hertz 1 and Hertz 2 will form one of Europe’s largest battery complexes. The assets will help stabilize the Baltic power system following recent synchronization with the European grid and speed up the phase-out of fossil fuels.
Hertz 1 features a major technical innovation—connection to Estonia’s 330 kilovolt transmission network through an underground cable, a first for the country that will boost grid resilience and help integrate renewables. Hertz 1 was energized on October 1, 2025, with commissioning planned for the end of 2025 and full grid services expected in the first quarter of 2026. Hertz 2 is under construction and scheduled to start operations by the end of 2026.
Karl-Joonatan Kvell, CEO of Evecon, says the projects are more than infrastructure—they prove the energy transition is real. Grzegorz Zielinski, EBRD’s Head of Energy Europe, notes that energy storage projects advance the region’s climate goals while strengthening energy security. Both the EBRD and NIB financing benefit from first-loss risk cover from the EU under its InvestEU programme, showing that large-scale storage projects can now attract private capital.
