Mirova invests in Baltic Storage Platform, a joint venture between Corsica Sole and Evecon

French investment company Mirova, through its dedicated investment fund Mirova Energy Transition 5, joined the capital of the joint venture “Baltic Storage Platform”.

Baltic Storage Platform is a joint venture founded in 2023 by Corsica Sole, an independent solar energy producer and one of Europe’s leading energy storage companies, and Evecon, one of the Baltic’s leading developers of renewable energy solutions.

The aim of the joint venture is to develop, build and maintain two large capacity storage parks in Estonia with a total capacity of 200 megawatts and a total production capacity of 400 megawatt-hours, which are planned to be built by 2025. These storage plants will help the Estonian and Baltic electricity grid in disconnecting from the Russian grid and synchronizing it with the European grid.

For Raphaël Lance, Head of Energy Transition Infrastructure Funds, this participation in the capital of the Baltic Storage Platform demonstrates their desire to invest in new innovative and meaningful projects for European citizens. He states that they 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.

Michael Coudyser, the CEO of Corsica Sole says that they are again very pleased to welcome Mirova into the capital of this ambitious joint venture. He adds that as a committed player in sustainable finance, Mirova will help them operate very large capacity battery storage plants connected to the electricity transmission network.

COBALT advised Mirova throughout the entire transaction. Client was advised to conduct a legal audit, prepare transaction documentation, and completing the transaction. Our team included Partner Martin Simovart, Managing Associate Jesse Kivisaari, Senior Associate Getter Villmann-Nõgene, Partner Aivar Taro and Senior Associates Siim Vahtrus, Sandra Sillaots and Helen Sool.