Baltic Storage Platform secures EUR 85.6 million financing for two Estonian battery storage projects

COBALT and Linklaters advised Baltic Storage Platform OÜ, the project company established by Evecon, Corsica Sole and Mirova, on the EUR 85.6 million financing for two battery energy storage system projects in Estonia. The transaction comprises EUR 85.6 million of financing provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management and the Nordic Investment Bank (NIB). It supports two BESS projects with a combined capacity of 200 MW of power and 400 MWh of storage, forming one of the largest battery complexes in Europe. The financing is notable as the first transaction in Estonia to be fully based on revenues generated by BESS assets. The projects are designed to contribute materially to the stabilisation and independent operation of the Baltic power system following recent synchronization with the European grid, and to support the transition to renewable energy by providing large-scale storage to mitigate generation intermittency. The deal sends a clear market signal that major private-sector investors are prepared to commit directly to large-scale strategic energy infrastructure in the Baltics and demonstrates that BESS projects are now regarded as bankable assets. The transaction is expected to open the way for further BESS and renewable energy financings in the region. Baltic Storage Platform OÜ is an Estonian joint venture founded in 2023 by leading renewable developer Evecon, French solar producer Corsica Sole and an affiliate of Natixis Investment Managers focused on sustainable investments, Mirova. Construction of the storage systems is well underway, with the first unit scheduled to become fully operational in Q1 2026 and the second by the end of 2026. COBALT represented Baltic Storage Platform OÜ with a team composed by: Partners Marina Kotkas and Jesse Kivisaari, Specialist Counsel Georg Kuusik, Senior Associate Tiina Ilus, Associate Ken Saksniit, Junior Associate Paul Schifrin and Assistant Lawyer Joosep Lang. Linklaters represented Baltic Storage Platform OÜ.

Baltic Storage Platform secures EUR 85.6 million financing for two Estonian battery storage projects

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