Mirova and Evecon Launch Estonia’s Largest Solar-Plus-Storage Hybrid Project

Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, and Evecon have achieved key milestones in accelerating Estonia’s energy transition through their jointly owned Baltic Renewable Energy Platform OÜ (BREP). These developments highlight the increasing viability of combining renewable energy generation with energy storage systems and optimization tools, enhancing the attractiveness of the Baltic energy market and bolstering Estonia’s energy independence.

Kirikmäe Solar Power Plant Hybridization

The Kirikmäe solar power plant, commissioned in October 2024, is being expanded with a 55 MW / 250 MWh Battery Energy Storage System (BESS). Construction of the BESS began in January 2026, with WiSo Engineering serving as the EPC subcontractor responsible for infrastructure and systems integration. Huawei is supplying the batteries, power conversion equipment, and medium voltage components. Mirova

Upon completion, anticipated in Q3-Q4 2026, the hybrid system will enable BREP to store generated solar energy and provide essential grid stability services, including frequency retention reserve (FCR), automatic frequency recovery reserve (aFRR), and manual frequency recovery reserve (mFRR). These services are crucial for the Baltic States as they transition to a more autonomous and renewable energy-based electricity system following disconnection from the BRELL (Belarus-Russia-Estonia-Latvia-Lithuania) network. Mirova

First Flexibility and Power Purchase Agreement in the Baltic States

In January 2026, BREP finalized a 10-year flexibility and power purchase agreement (FPPA) with Pure Energy. This agreement integrates the sale of renewable electricity and optimization of flexibility. Under the terms of the FPPA, Pure Energy will acquire and optimize the total renewable generation and flexibility capacity of BREP’s Estonian solar + storage portfolio. Pure Energy

The contract encompasses BREP’s entire Estonian portfolio: the Kirikmäe hybrid park (77.5 MWp solar PV + 55 MW / 250 MWh BESS), the Imaveres solar power plant (15.5 MWp solar PV), and the Lohumets power plant (12.8 MWp solar PV). Pure Energy This structure, supported by investment-grade guarantees, establishes a new commercial model for hybrid projects combining renewable energy production and electricity storage in the Baltic and Nordic countries, facilitating the long-term integration of variable renewable energy into the electricity grid.

New Long-Term Financing

Swedbank, a supporter of BREP since 2023, has provided a new long-term financing package of €85 million. This package refinances the existing portfolio of solar power plants, funds the construction of the Kirikmäe Energy Storage System (BESS), and includes additional credit lines such as VAT financing, a letter of credit, and a debt servicing reserve account (DSRA). Edmond de Rothschild AM

Industry Perspectives

Rafael Lance, Global Head of Private Assets at Mirova, stated that the construction of the 55 MW BESS and the FPPA agreement demonstrate how innovation can accelerate the integration of renewable energy and storage solutions in European electricity systems. He emphasized Mirova’s commitment to changing how clean energy is produced, stored, and valued, and highlighted the importance of investing in assets that strengthen domestic resilience in the context of Europe’s energy sovereignty. Mirova

Karl Jonathan Kvell, CEO of Evecon, expressed delight that the partnership initiated with MET5 through BREP is yielding results and strengthening the Estonian electricity market with both solar generation and flexibility. Mirova

Servets Akguns, founder of Pure Energy GmbH, noted that the signing of the first FPPA of its kind in the Baltic States marks the beginning of a long-term partnership and reflects Pure Energy’s thoroughness and management skills. Pure Energy

Mihkel Uts, head of large corporate clients of Swedbank Estonia, expressed Swedbank’s pleasure in continuing its partnership with MET5 and Evecon, valuing the structured approach of the FPPA agreement and the high standards of the parties involved in BREP. Edmond de Rothschild AM