Addleshaw Goddard advises Baltic Storage Platform on construction and project aspects of the landmark EUR 85.6 million project financing of major BESS project in Estonia

Addleshaw Goddard (AG) has advised Baltic Storage Platform OÜ, a joint venture between Corsica Sole, Evecon, and Mirova, on the construction and project aspects of the landmark €85.6 million limited-recourse project financing provided by the European Bank for Reconstruction and Development, Edmond de Rothschild Asset Management, and the Nordic Investment Bank for the development and construction of two battery energy storage projects, Hertz 1 and Hertz 2, in Estonia.

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 standalone battery energy storage systems (BESS) in continental Europe.

This groundbreaking transaction represents the first project financing in the Baltic countries that is exclusively structured around the revenues generated by energy storage assets.   

The AG team comprised Patryk Figiel (partner), Jakub Dąbrowski (counsel), Natalia Mikołajczyk (managing associate), and Dominik Piechowiak (senior associate) from the Infrastructure, Projects & Energy practice, and Maciej Chęciński (managing associate) from the Banking & Finance practice.

Linklaters acted as lead international legal counsel on the transaction. Local law aspects were advised on by Cobalt.