The Estonian renewable energy developer Evecon OÜ and Mirova, the affiliate of Natixis Investment Managers dedicated to sustainable investment, through the its infrastructure fund, signed an agreement to set up a renewable energy platform which will build the largest solar park in the Baltics. The construction works will be carried out in 2023 and the parks will start producing at full capacity at the beginning of 2024.

The total capacity of the solar parks, located in Lääneranna, Põhja-Sakala and Järva municipalities in Estonia, is 100 megawatts, and the estimated annual production is up to 100,000 megawatt-hour. The size of the project located in Lääneranna is c. 70 MW, which will make it the largest solar plant in the Baltics at the time of completion. The joint venture signed between Evecon and Mirova will allow the building of all three power plants by 2024.

Karl Kull, Evecon OÜ board member explains: “Evecon is a fastest growing renewable energy company with an ambitious development plan in the Baltics and the largest portfolio of solar parks in Estonia. This is undoubtedly a big project, the biggest solar park to be built in the Baltics. In addition to solar, Evecon also develops wind and storage technology. Today's transaction is the start of our journey towards an ambitious growth plan that will span over the next six years. By the end of this phase, the company will have built 2.5 GW of renewable energy in Estonia and the Baltic region. Our objective is to build both wind and solar storage, in order to cover the energy consumption of 540,000 households and support energy supply even after the desynchronization of the Russian electricity grid”.

Olena Reznik, Investment Director at Mirova's energy transition infrastructure team adds: “The strategy of Mirova’s renewable energy funds has always been to participate in building new installed capacity alongside industrial partners and project developers. We are very pleased with our co-investment with Evecon and are happy to support Estonia’s ambitions in deploying its own clean energy production and storage capacities. Estonia’s current stable energy legislation, national renewable energy support mechanism and an overall strong entrepreneurship spirit in Estonia played a significant role in our decision to invest in this platform".

Since 2020, Evecon has already set up various solar parks with a total capacity of 40 MW. With this new deal, the capacity will increase to 140 MW by 2024. As of fall 2022, Evecon has 1100 MW of solar parks and 700 MW of wind parks projects under development in various municipalities across Estonia, which are planned to be commissioned during the 2025-2026 period. Evecon was advised by KPMG as financial and legal adviser. Mirova was supported by Cobalt as legal and tax adviser as well as Everoze as technical advisor.

The figures mentioned in the communication are provided by Evecon and are subject to change without notice. The information provided reflects Mirova’s opinion / the situation as of the date of this document and is subject to change without notice.

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