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06 Apr 2026

Baltic Renewable Energy Platform Secures €40M Financing for 55MW/250MWh Kirikmäe BESS; Construction Begins

"Baltic Renewable Energy Platform has closed a roughly EUR 40 million financing package with Swedbank and begun construction of a 55 MW / 250 MWh Battery Energy Storage System (BESS) co‑located with the 77.5 MW Kirikmäe solar PV park. The BESS will help smooth solar intermittency, reduce peak prices and strengthen Estonia’s energy security. The deal, completed days before the opening of the large Hertz I BESS at Kiisa, underscores the viability of large privately funded storage projects. Baltic Renewable Energy Platform is a subsidiary of Mirova (Natixis affiliate) with Evecon as minority owner; law firm COBALT advised on refinancing and the new BESS facility (team: Marina Kotkas, Aivar Taro, Mart Blöndal, Georg Kuusik, Chris Oliver Rahumägi)."

COBALT (Cobalt Legal) advised Baltic Renewable Energy Platform (a subsidiary of Mirova, with Evecon OÜ as a minority shareholder) in connection with financing provided by Swedbank. The transaction comprised approximately EUR 40 million in financing from Swedbank to develop and construct a 55 MW / 250 MWh Battery Energy Storage System (BESS) co‑located with the 77.5 MW Kirikmäe solar PV plant. COBALT helped negotiate refinancing of the existing credit facility and the addition of a new BESS‑focused credit facility, prepared and negotiated facilities agreements, updated the securities portfolio and assisted with other project‑related legal matters. COBALT team (as stated in the press release): - Marina Kotkas — Partner - Aivar Taro — Partner - Mart Blöndal — Managing Associate - Georg Kuusik — Specialist Counsel - Chris Oliver Rahumägi — Associate (Practice areas for the listed lawyers were not specified in the press release.)
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