Another brick laid in the wall of Estonian energy security
Baltic Renewable Energy Platform has secured additional funding in the amount of approximately EUR 40 million from Swedbank to develop and construct a Battery Energy Storage System (BESS) plant with a total capacity of 55MW/ 250 MWh to be co-located with one of the largest solar parks in the Baltics – the Kirikmäe 77.5 MW solar PV plant. Given that availability of solar power fluctuates greatly, developing a BESS plant nearby is a logical and vital next step that helps to even out such fluctuations, lower the energy prices at times of high demand and increase the energy security and sustainability of Estonia.
The transaction closed just days before the opening of one of the largest BESS plants – the Hertz I BESS plant at Kiisa and further proves that development of large-scale BESS plants with only private funding is feasible and ever more popular. Following the recent boom in solar PV plants in Estonia, developing storage facilities is vital to harness the maximum potential of renewable energy and bring clean and affordable electricity to consumers and industries.
Baltic Renewable Energy Platform OÜ is a subsidiary of Mirova – an affiliate of Natixis Investment Managers focusing on sustainable investments, with Evecon OÜ – Estonia’s leading renewable energy developer, being a minority shareholder.
Having assisted Baltic Renewable Energy Platform to secure funding for the connected Kirikmäe solar PV plant a few years ago, COBALT now helped negotiate the terms for refinancing the existing credit facility together with an addition of a new BESS-focused credit facility. This involved preparation and negotiation of facilities agreements together with updating the securities portfolio as well as assistance with all other legal matters related to the project. Our team included Partners Marina Kotkas and Aivar Taro, Managing Associate Mart Blöndal, Specialist Counsel Georg Kuusik, and Associate Chris Oliver Rahumägi.
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