Energy storage: Mirova supports Corsica Sole and enters the capital of its Joint Venture "Baltic Storage Platform" created with Evecon

Mirova, a subsidiary affiliate of Natixis Investment Managers dedicated to sustainable investing announces its entry into the capital of the joint venture “Baltic Storage Platform” founded in August 2023 by Corsica Sole, an independent producer of solar energy and among the leaders in energy storage in Europe, and Evecon, the leading developer of renewable energy in the Baltic countries. This operation provides the means to implement the ambitions of this structure in the service of the transformation of the electricity grid of the Baltic countries.

“Baltic Storage Platform” at the heart of Baltic countries’ energy independence strategy

The joint venture called the Baltic Storage Platform aim of developing, building and operating very high-capacity battery storage plants in Estonia, and more generally in the Baltic countries. It strengthens its development through the entry of Mirova’s capital, through its fund dedicated to the energy transition Mirova Energy Transition 5¹.

On November 20, Corsica Sole and Evecon announced the construction project in 2025 of two storage plants in Estonia with a total power of 200 megawatts and a total capacity of 400 megawatts-hour².

These power plants will help ensure the stability and resilience of the estonian electricity grid, and in cascade that of the baltic power grids, in anticipation of their disconnection from the Russian power grid and their synchronization to the European grid, planned for 2025.

As part of the European carbon neutrality targets in 2050, they will also enable Estonia to successfully transition to cover 100% of its electricity consumption by 2030 using renewable energy. Indeed, these power plants will provide the balancing services necessary to accommodate intermittent energies (wind and solar) on the electricity grid.

As a leading investor in renewable energy, Mirova, through its fund dedicated to the energy transition, shareholder of Corsica Sole since 2021 and financial partner of Evecon since 2022, allowed the two companies to meet in the first half of 2023. Corsica Sole and Evecon were able to implement this important project for the energy independence of the Baltic countries.

Corsica Sole, Evecon and Mirova: a trio at the service of the energy transition

By becoming the third shareholder in this joint venture, Mirova is providing financial support to the Baltic Storage Platform. This operation will ensure the commissioning of the two storage plants in 2025 and accelerate the development of other projects in the baltic countries.

This participation in the capital of the Baltic Storage Platform demonstrates our desire to invest in new innovative and meaningful projects for European citizens. We are particularly proud to participate in the decarbonisation and energy independence of the Baltic countries through the installation of new clean energy production and storage capacities. At the origin of the relationship between our partners Corsica Sole, and Evecon, we have very logically chosen to strengthen the financial capacity of their common platform dedicated to storage to allow it to deploy more capacity in the Baltic countries.

Raphaël LANCE

Head of Energy Transition Infrastructure Funds

Since joining our company in 2021, we have undoubtedly strengthened our ties with Mirova. Today, we are again very pleased to welcome Mirova into the capital of this ambitious joint venture. As a committed player in sustainable finance, Mirova will help us operate very large capacity battery storage plants connected to the electricity transmission network. These are decisive projects for Estonia and the baltic countries concerned with getting closer to the network of the continental European plaque. Finally, this entry into the capital demonstrates our complete confidence in Mirova’s teams.

Michael COUDYSER

CEO of Corsica Sole, which remains the majority shareholder of this joint venture. 

Mirova’s entry into this joint venture materializes the partnership imagined several months ago between Evecon, Corsica Sole and Mirova on these projects. As already partnering with Mirova on our solar projects in Estonia, and with Corsica Sole since 2023 in this joint venture, we had no doubt about the quality of this partnership and are very pleased to see this complementarity of skills finally associated to the benefit of our storage projects in Estonia. The electricity system is in its essence like a living organism that requires a balance of different technologies complementing each other to overcome the strategic challenge to ensure energy independence in all Baltic countries.

Karl Kull

CEO de Evecon

¹MIROVA ENERGY TRANSITION 5 (MET5) is a French limited partnership (Société de Libre Partenariat), closed to new subscription. Mirova is the management company. The supervisory authority approval is not required for this fund. 
²400 megawatts-hour is equivalent to the annual average energy consumption of 90,000 Estonian households. Source: Corsica Sole, Evecon.