Baltic Renewable Energy Platform Secures EUR 40 MIllion from Swedbank for Estonia Solar-Plus-Storage Project

Estonia’s renewable energy sector has received a fresh boost as Baltic Renewable Energy Platform secured approximately EUR 40 million in additional financing from Swedbank to develop a large-scale battery energy storage system (BESS).

The planned 55MW/250MWh storage facility will be co-located with the 77.5MW Kirikmäe solar photovoltaic park, one of the largest in the Baltics. The integration of storage is expected to address solar power intermittency, helping balance supply, reduce electricity price spikes during peak demand, and enhance the country’s overall energy security and sustainability.

The financing was finalised just days before the launch of the Hertz I BESS plant in Kiisa, underlining the accelerating pace of energy storage deployment in Estonia. The development also signals growing confidence in privately funded large-scale battery projects, as the country looks to complement its rapidly expanding solar capacity with flexible storage solutions.

Baltic Renewable Energy Platform operates as a subsidiary of Mirova, part of Natixis Investment Managers, with Evecon holding a minority stake. The project reflects a broader shift in the Baltic region toward hybrid renewable infrastructure combining generation with storage to ensure stable and affordable electricity supply.

The transaction also included refinancing of an existing credit facility for the Kirikmäe solar project, alongside the addition of a new facility dedicated to the BESS development, covering updated financing agreements and related legal arrangements.