Linklaters advises on a landmark project financing from EBRD, NIB and EDRAM for the development and construction of one of the largest BESS projects in continental Europe.

Linklaters advised Baltic Storage Platform OÜ (BSP), a joint venture – bringing together French IPP Corsica Sole, Estonia’s leading renewable energy developer Evecon, and Mirova a leading renewable energy investor – on all aspects of the successful €85.6 million project financing from the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management (EDRAM), and the Nordic Investment Bank (NIB) for its two battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia.

This landmark transaction represents the first time a standalone BESS project, structured exclusively around revenues generated by energy storage assets, was financed on a limited recourse basis in the Baltics.

With a combined capacity of 200 MW of power and 400 MWh of storage, Hertz 1 and Hertz 2 will form one of the largest battery energy storage systems (BESS) in continental Europe.

Hertz 1, located in Kiisa, has been energised on October 1st 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.

Linklaters acted as lead international legal counsel on this transaction, advising on all construction, operation, maintenance, offtake and financing aspects, with support from Addleshaw Goddard (Warsaw) and Cobalt on local law aspects.

The Linklaters team was led by Samuel Bordeleau, partner, supported by Mylinh Pham, managing associate, and Marie Kooli, Farah Guedouar and Inès Le Bloa, associates, in Energy & Infrastructure.