Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, and Evecon announce a series of major milestones supporting the acceleration of Estonia’s energy transition, through their jointly owned Baltic Renewable Energy Platform OÜ (“BREP”).
These include the hybridization of the 77.5 MWp Kirikmäe Solar Photovoltaic (PV) plant with a 55 MW / 250 MWh Battery Energy Storage System (BESS), the execution of the first Flexibility & Power Purchase Agreement (FPPA) ever signed in the Baltics with Pure Energy GmbH, and the completion of a new c.€85 million long-term financing package from Swedbank.
Together, these developments demonstrate how combining renewable generation with energy storage and long term optimization tools can unlock new value for the Baltic energy market and support Estonia’s long term energy independence.
Hybridization of the Kirikmäe Solar Plant with a Utility Scale Battery SystemScale
Commissioned in October 2024, the Kirikmäe solar PV plant will be enhanced through the addition of a 55 MW / 250 MWh BESS, currently under construction since January 2026. WiSo Engineering is the EPC contractor responsible for the entire infrastructure and system integration. Batteries, power conversion equipment and medium voltage components are supplied by Huawei.
Once operational (expected Q3–Q4 2026), the hybrid system will enable BREP to store solar production and deliver key grid-stability services, including Frequency Containment Reserve (FCR), automatic Frequency Restoration Reserve (aFRR), and manual Frequency Restoration Reserve (mFRR).
Such services are crucial as the Baltic countries transition to a more autonomous and more renewablesbased electricity system following their disconnection from the BRELL (Belarus-Russia-Estonia-Latvia-Lithuania) grid.
BREP and Pure Energy sign the first Flexibility & Power Purchase Agreement (FPPA) in the Baltics with Pure Energy
BREP has entered into a 10year FPPA integrating both renewable electricity sales and flexibility optimization – with Pure Energy, effective January 2026. The agreement covers the full output of BREP’s portfolio, including the Kirikmäe Hybrid (77.5 MWp Solar PV + 55 MW / 250 MWh BESS), Imavere (15.5 MWp Solar PV), and Lohu Mets (12.8 MWp Solar PV).
This structure, backed by investment-grade guarantees, introduces a new commercial model for hybrid renewable-plus-storage assets in the Baltics and Nordics and supports the long-term integration of variable renewable energy into the grid.
Swedbank supports BREP’s growth with a new long-term financing facility
Swedbank, which has supported BREP since 2023, has committed to a new c.€85 million long-term facility. The package covers the refinancing of the existing solar PV portfolio, the construction of the Kirikmäe BESS, and several ancillary credit lines, including a VAT facility, a Letter of Credit and a Debt Service Reserve Account (DSRA).
Raphaël Lance, Global Head of Private Assets at Mirova: “The construction of 55MW BESS capacity to build the largest Baltic hybrid plant, combined with the signing of this first long term FPPA illustrates how innovation can accelerate the integration of renewables and storage into Europe’s power systems. By backing pioneering hybrid infrastructures, Mirova is helping reshape the way clean energy is produced, stored and valued. At a time when Europe’s energy sovereignty has become a strategic priority, investing in assets that strengthen local resilience is both an environmental imperative and an economic necessity. We are proud to advance this vision alongside Evecon and our partners in the Baltics.”
Karl-Joonatan Kvell, CEO of Evecon: “The hybridization of Kirikmäe Solar PV and the implementation of the FPPA demonstrate how innovative structures, strong partnerships and high technical standards can shape the future of the Estonian electricity system. Evecon is thrilled that the partnership initiated with MET5 through BREP is fruitful and strengthening the Estonian Electricity market with both generation of solar energy and flexibility.”
Servet Akgün, Founder of Pure Energy GmbH: “Signing the first FPPA of this nature in the Baltics marks the start of a long-term partnership with BREP, MET5 and Evecon. It reflects Pure Energy’s operational depth and governance capabilities that are required for such long-term structures. We’re proud to contribute to the energy transition that strengthens both renewable generation and flexibility in the Baltics.”
Mihkel Utt, Head of Large Corporates, Swedbank Estonia: “Swedbank is pleased to continue its partnership with MET5 and Evecon by supporting this next phase of BREP’s development. The sophisticated nature of the FPPA, coupled to the high-quality of BREP’s stakeholders are positively welcomed by Swedbank, which is also proud to contribute to the construction of the qualitative renewable energy and flexibility assets in the Baltics.”
