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06 Nov 2025

Linklaters advises sponsors on limited-recourse financing for 200 MW/400 MWh battery energy storage system in Estonia by EBRD, NIB and EDRAM

"Linklaters advised Baltic Storage Platform OÜ (sponsors Corsica Sole, Evecon and Mirova) on an €85.6m limited‑recourse financing provided by the EBRD, EDRAM and NIB for two Estonian BESS projects, Hertz 1 and Hertz 2 (200 MW / 400 MWh). Addleshaw Goddard (Warsaw) and Cobalt provided local‑law support."

Linklaters advised Baltic Storage Platform OÜ (BSP), the joint venture of Corsica Sole, Evecon and Mirova, on the financing of its two Estonian battery energy storage projects; Addleshaw Goddard (Warsaw) and Cobalt provided local‑law advice to the sponsors. The transaction comprises an €85.6 million financing facility provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management (EDRAM) and the Nordic Investment Bank (NIB) to BSP to support its two battery energy storage system (BESS) projects, Hertz 1 and Hertz 2, in Estonia. This financing is structured on a limited‑recourse basis and relies solely on revenues generated by the storage assets. It represents the first instance of a BESS project in the Baltic states to obtain limited‑recourse financing on that basis. Hertz 1 and Hertz 2 together will deliver a combined capacity of 200 MW of power and 400 MWh of storage, making them among the largest BESS installations in continental Europe. Hertz 1, located in Kiisa, was energised on 1 October 2025, with commercial commissioning expected by the end of 2025 and full provision of network services anticipated in the first quarter of 2026. Hertz 2 is currently under construction and is expected to enter operation by the end of 2026. Linklaters acted as lead counsel on the transaction, advising on construction, operation, maintenance, offtake arrangements and financing documentation. Addleshaw Goddard (Warsaw) and Cobalt advised on applicable local law matters. Linklaters represented Baltic Storage Platform OÜ and the sponsors Corsica Sole, Evecon and Mirova with a team composed by: Samuel Bordeleau, Partner, and Mylinh Pham, Senior Associate, together with Marie Kooli, Farah Guedouar and Inès Le Bloa, Associates, in the Energy & Infrastructure practice. Addleshaw Goddard (Warsaw) represented the sponsors and BSP on local‑law aspects. Cobalt represented the sponsors and BSP on local‑law aspects.
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