Mirova and Evecon have secured $100.87 million from Swedbank to refinance and expand their Estonian solar + BESS portfolio under the Baltic Renewable Energy Platform (BREP). The capital refinances existing solar assets and funds construction of the 55 MW / 250 MWh Kirikmae BESS, paired with a 77.5 MW solar plant commissioned in October 2024.

The core insight: this is balance sheet optimization anchored by contracted flexibility revenue before storage COD.

BREP has already signed a 10-year Flexibility & Power Purchase Agreement with Pure Energy, effective January 2026, covering the portfolio’s full output. That materially de-risks merchant exposure ahead of the BESS coming online in Q3–Q4 2026. The inclusion of a DSRA, VAT facility, and Letter of Credit signals lender discipline around construction liquidity and short-term revenue volatility.

Commercially, this structure converts a hybrid asset into a financeable platform. Refinancing operational solar lowers cost of capital, while contracted flexibility revenues underpin storage build-out. It also reflects how Nordic lenders are underwriting grid services like FCR, aFRR, and mFRR as bankable cash flows.

The signal is clear: in smaller power markets like Estonia, hybridization alone isn’t enough. Contracted flexibility plus structured credit support is what unlocks scale capital.

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