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NIB's EUR 27.7 million tranche is part of a EUR 85.6 million package (with the EBRD and Edmond de Rothschild Asset Management providing the remainder) financing construction of two standalone battery energy storage systems developed by Baltic Storage Platform OÜ, a joint venture of French/European renewables developers Evecon, Corsica Sole and Mirova. Hertz 1 (Kiisa) was energised 1 October 2025 with commissioning due end-2025; Hertz 2 (Aruküla) is under construction, targeting end-2026 operation. The financing is drawn under the EU's InvestEU guarantee programme via NIB's Framework on Clean Energy Transition, giving the borrower access to development-bank rates below what commercial project finance would offer — the qualifying feature that makes this a state-linked subsidy rather than ordinary market lending. NIB President & CEO André Küüsvek framed the deal as supporting "energy independence, ensuring grid stability and enabling more efficient integration of renewable energy sources."
projects financed through NIB's Clean Energy Transition framework (see also the Norway/Hafslund and Finland/Koskisen NIB loans filed in this register), reinforcing the region's state-development-bank-backed build-out of grid-balancing capacity as wind/solar penetration rises.
Baltic grid resilience amid the region's 2025 desynchronisation from the Russia/Belarus BRELL grid and synchronisation with Continental Europe.
developers (Evecon, Corsica Sole, Mirova) illustrates the EU/Nordic playbook of using InvestEU guarantees to crowd in private capital at below-market cost, rather than direct state grants.
state-aid dimension for the European Commission beyond the NIB's own multilateral mandate — worth checking for a parallel EC state-aid clearance decision.
within the EUR 85.6 million package were not disclosed in the primary source and were not independently verified in this filing pass.