Evecon locks Mirova funding for 100 MW of solar in Estonia

Pan-Baltic renewable energy developer and power producer Evecon UAB has entered a financing partnership with Paris-based impact investor Mirova that will facilitate the construction of solar farms in Estonia totalling 100 MW.

The initiative was announced on Monday by KPMG Baltics, which acted as the lead financial and legal advisor to Evecon. Details about the financing arrangements with the affiliate of Natixis Investment Managers were not available.

In Parnu County’s Laaneranna municipality, western Estonia, Evecon plans to build a 70-MW photovoltaic (PV) park that will supposedly become the largest one of its kind in the Baltics. Construction is planned to be initiated next year, with power generation due to begin early in 2024.

Additional solar projects are planned in Pohja-Sakala municipality, located in southern Estonia’s Viljandi County, and Jarva County, in the central part of the Baltic country.

Altogether, the proposed solar plants are expected to generate up to 100 MWh of electricity annually.

According to Estonian Public Broadcasting, Evecon currently has 40 MW of solar parks in operation and will seek to deploy additional renewable energy capacity in Estonia and the Baltic region. The firm is allegedly planning to have 1,100 MW of solar and 700 MW of wind projects under development in 2025-2026.

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