NIB finances two large-scale battery energy storage parks in Estonia
- NIB has signed a EUR 27.7 million 10-year loan agreement with Baltic Storage Platform OÜ to finance the construction of two battery energy storage projects, Hertz 1 and Hertz 2, in Estonia.
- The investment supports the region’s transition to a more resilient and renewable-based energy system.
- The loan is supported by the InvestEU programme under NIB’s Framework on Clean Energy Transition.
The financing will support two projects located in Kiisa and Aruküla, both roughly 25 km from Tallinn. Together, the projects Hertz 1 and Hertz 2 deliver a total of 200 MW of power and 400 MWh of storage capacity, making them one of the largest battery complexes in continental Europe. These assets will help the Baltic countries strengthen energy sovereignty, stabilize their power systems following recent synchronization with the European grid, and accelerate the phase-out of fossil fuels.
André Küüsvek, NIB President and CEO said: “With this financing, NIB is supporting strategic infrastructure that strengthens the regional energy security and climate goals across the Baltic region. These energy storage systems are essential for energy independence, ensuring grid stability and enabling more efficient integration of renewable energy sources.”
Hertz 1, located in Kiisa, has been energised on October 1 2025 with commissioning scheduled for end-2025, and the full suite of grid services expected by Q1 2026. Hertz 2 is already under construction and is scheduled to enter into operation by the end of 2026.
Baltic Storage Platform OÜ is a joint venture between Evecon, Corsica Sole, and Mirova. The JV aims to develop, build, and operate two large-scale energy storage parks in Estonia.
NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.
For further information, please contact
Martin Lundström, Associate Director, Project and structured finance, +358 10 618 0426, martin.lundstrom@nib.int
Lotta Forssell, Senior Communications Officer, +358 10 618 0498, lotta.forssell@nib.int
