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04 Nov 2025

"Linklaters Advises Baltic Storage Platform on €85.6 Million Financing for Landmark Battery Energy Storage Projects in Estonia"

"Linklaters provided legal counsel to Baltic Storage Platform OÜ (BSP) for securing €85.6 million in project financing from EBRD, EDRAM, and NIB for two major battery energy storage projects, Hertz 1 and Hertz 2, in Estonia. These projects, with a combined capacity of 200 MW and 400 MWh, represent one of the largest battery energy storage systems in continental Europe and mark the first standalone energy storage financing in the Baltics. Hertz 1 is set to be operational by Q1 2026, while Hertz 2 is expected to launch by the end of 2026."

Linklaters, supported by Addleshaw Goddard (Warsaw) and Cobalt, advised Baltic Storage Platform OÜ (BSP), a joint venture comprising French IPP Corsica Sole, Estonia’s leading renewable energy developer Evecon, and Mirova, a leading renewable energy investor, on all aspects of the transaction. The transaction involved the successful €85.6 million project financing from the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management (EDRAM), and the Nordic Investment Bank (NIB) for two battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia. This landmark deal marks the first standalone battery energy storage system (BESS) project in the Baltics financed on a limited recourse basis, structured exclusively around revenues generated by energy storage assets. With a combined capacity of 200 MW of power and 400 MWh of storage, Hertz 1 and Hertz 2 will form one of the largest BESS systems in continental Europe. Hertz 1, located in Kiisa, was energised on October 1, 2025, with commissioning scheduled for the end of 2025 and full grid services expected by Q1 2026. Hertz 2 is under construction and is expected to be operational by the end of 2026. The Linklaters team was led by Samuel Bordeleau, partner, supported by Mylinh Pham, managing associate, and associates Marie Kooli, Farah Guedouar, and Inès Le Bloa, all from the Energy & Infrastructure practice.
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