ENERGY STORAGE

Mirova invests in Corsica Sole & Evecon’s Baltic Storage Platform

April 29, 2024

Mirova, a subsidiary affiliate of Natixis Investment Managers, has completed an investment in the joint venture Baltic Storage Platform, which was founded in August 2023 by solar and storage company Corsica Sole and renewable energy developer Evecon.

Baltic Storage Platform’s objective is to develop, build and operate high-capacity battery storage plants in the Baltic countries, with a major focus on Estonia.

Mirova’s investment will advance the construction of two storage plants in Estonia – with a total power of 200MW and a total capacity of 400 MWh  – in 2025.

Raphaël Lance, head of energy transition funds at Mirova, said: “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.”

Michael Coudyser, CEO of Corsica Sole, added: “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.”

Karl Kull, CEO at Evecon, added: “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.”