Baltic Renewable Energy Platform OÜ, a joint venture set up by Mirova – an affiliate of Natixis Investment Managers and Estonia’s renewable energy project developer Evecon, secured additional funding in the amount of approximately €40 million (~$46 million) from Swedbank.
The financing will support the development and construction of a 55 MW/250 MWh battery energy storage system (BESS) with a co-located 77.5 MW Kirikmäe solar project located in Estonia, which was commissioned in October 2024. The BESS portion has been under construction since January 2026.
WiSo Engineering is the engineering, procurement, and construction contractor responsible for the entire infrastructure and system integration. Huawei is supplying batteries, power conversion equipment, and medium voltage components for the project.
Baltic Renewable Energy Platform has entered into a 10-year flexibility and power purchase agreement with Pure Energy, effective January 2026.
Swedbank has previously committed to a new €85 million (~$101 million) long-term facility to refinance the existing solar portfolio, fund the construction of the Kirikmäe BESS, and support several ancillary credit lines, including a VAT facility, a letter of credit, and a debt service reserve account.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, up 71% YoY.
In April 2026, Boralex, an independent renewable energy producer in North America and Europe, and Six Nations of the Grand River Development Corporation (SNGRDC), a community development corporation, have closed a $202 million financing for the 125 MW/500 MWh Oxford Battery Energy Storage Project, located in the township of South-West Oxford, Oxford County, Ontario, Canada.
