Addleshaw Goddard and Ellex advise on EUR 85.6 million financing for Baltic Storage Platform's Estonian BESS projects

Addleshaw Goddard, working with Linklaters and Rask, advised Baltic Storage Platform on construction and project-related matters, while Allen & Overy, Shearman & Sterling and Ellex advised the financing lenders; Cobalt is also reported to have advised Baltic Storage Platform. The transaction comprised a EUR 85.6 million limited‑recourse financing to support the development of two battery energy storage system (BESS) projects in Estonia, named Hertz 1 and Hertz 2. The financing was provided by the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management and the Nordic Investment Bank. The two projects will deliver a combined 200 MW / 400 MWh of standalone storage capacity, placing them among the largest BESS installations in continental Europe. The projects are being developed by a joint venture formed by Corsica Sole, Evecon and Mirova. In 2024 Linklaters’ Warsaw office advised Mirova on its investment in the Baltic Storage Platform. Addleshaw Goddard represented Baltic Storage Platform with a team composed by: Partner Patryk Figiel; Counsel Jakub Dabrowski; Managing Associates Natalia Mikolajczyk and Maciej Checinski; and Senior Associate Dominik Piechowiak. Ellex represented the lenders (European Bank for Reconstruction and Development, Edmond de Rothschild Asset Management and the Nordic Investment Bank) with a team composed by: Partners Ermo Kosk and Liis Konn; Counsels Toomas Kasesalu, Jaanus Ikla, Triin Frosch, Rutt Vark, Dmitri Rozenblat, Gerd Laub, Maria Teder and Mari Must; Senior Associate Karin Tartu; and Lawyers Brigitta Toomingas and Karl Rudolf Org.

Addleshaw Goddard and Ellex advise on EUR 85.6 million financing for Baltic Storage Platform's Estonian BESS projects

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