Evecon - Ehitame Baltikumi energeetika tulevikku

What Evecon - Ehitame Baltikumi energeetika tulevikku does

Evecon is a privately-held Estonian renewable energy developer headquartered in Tallinn, operating across the Baltic states (Estonia, Latvia, and Lithuania) through wholly-owned subsidiaries SIA Evecon and Evecon UAB. The company develops utility-scale wind, solar, battery energy storage systems (BESS), and dispatchable gas power projects, with a total portfolio capacity of 3,666 MW: 550 MW solar, 1,214 MW onshore wind, 1,052 MW battery storage, and 850 MW gas. Evecon's flagship assets include the Kirikmäe solar park (77.53 MW, the largest in the Baltics), the Hertz 1 battery storage facility (100 MW / 200 MWh in Kiisa, commissioned February 2026), and Hertz 2 under construction in Aruküla, together forming one of continental Europe's largest battery storage complexes.

The company operates a vertically integrated business model combining project development, EPC contracting (via wholly-owned subsidiary WiSo Engineering), asset ownership, and structured joint ventures. Revenue is generated through development fees, EPC services, power purchase agreements (PPAs), and grid frequency regulation services (FCR, aFRR, mFRR). Evecon's energy facilities serve the annual needs of over 540,000 households, and the company has deployed over €657 million alongside international capital partners. Strategic partnerships include joint ventures with Mirova (Baltic Renewable Energy Platform for solar), Corsica Sole (Baltic Storage Platform for battery storage, where Evecon holds 20%), and Niam Infrastructure (110 MW Latvia solar-plus-storage platform). The company has secured landmark financing including €85.6 million from EBRD, NIB, and Edmond de Rothschild AM for battery storage, and €85 million from Swedbank for solar-plus-storage hybridization.

Evecon's customer segments include transmission system operators (Elering), government institutions (Lithuanian Presidential office), municipalities (Lääneranna), institutional investors, and prosumer cooperatives. The company's go-to-market is enterprise field sales targeting governments, municipalities, and institutional investors across the Baltic region, with four structured partnership tiers: joint ownership, development partnership, project financing/debt, and asset acquisition. Notable technical achievements include deployment of Estonia's first 330 kV AC underground cable for battery park grid connection. Leadership transitioned from founder Karl Kull to Karl-Joonatan Kvell in June 2025. The company also owns an unrelated MMA sports league subsidiary (Evecon Raju OÜ).

Name

Evecon - Ehitame Baltikumi energeetika tulevikku

Legal name

Evecon OÜ

Website

https://evecon.ee

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Evecon is a Tallinn-headquartered privately-held renewable energy developer operating across Estonia, Latvia, and Lithuania, developing utility-scale solar, wind, battery storage, and dispatchable gas projects totaling 3,666 MW. The company serves TSOs, governments, municipalities, and institutional investors through development, EPC, and asset ownership.

Ownership category

akta.pro rank

Product category

Renewable Energy Development

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Fossil Fuel Electric Power Generation (221112)

SIC

Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

akta.pro secondary industries

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF), Wind Farm Development & Permitting (Greenfield/Brownfield) (EUACAFAE), Renewable Energy Industrial Facilities Construction (Solar, Wind, Storage) (IMAFADAD), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), Commissioning, Testing & Energization Services (Pre-Commissioning, Grid Code Compliance) (EUAMAFAK)

Keywords

• Renewable energy development
• Battery energy storage
• Solar power generation
• Onshore wind projects
• Grid frequency regulation

Headquarters

HQ city

Kuressaare

HQ country

Estonia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Energy Park Development and Construction: Evecon develops wind, solar, and battery storage parks in Estonia, Latvia, and Lithuania. Revenue is generated through project development fees, EPC contracting via subsidiary WiSo Engineering, and asset ownership or joint venture structures with investment partners.
2. Renewable Energy Production: Operating solar and wind parks generate electricity sales revenue through power purchase agreements (PPAs) and market sales. The company's portfolio produces clean energy for over 540,000 households.
3. Project Financing and Investment Partnership: Evecon structures joint ventures with international investors (Niam Infrastructure, Mirova, Corsica Sole) where capital is deployed into renewable energy infrastructure, with returns generated through asset operation and eventual exit.
4. WiSo Engineering Contracting: Wholly-owned subsidiary WiSo Engineering provides EPC (engineering, procurement, construction) services for energy parks, serving both Evecon projects and external customers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Evecon develops, finances, constructs, and operates renewable energy infrastructure including solar parks, onshore wind farms, battery energy storage systems (BESS), and dispatchable gas power plants across Estonia, Latvia, and Lithuania. Through its subsidiary WiSo Engineering, Evecon also provides EPC (engineering, procurement, construction) services for energy parks, and structures joint ventures with international institutional investors to deploy capital into renewable energy projects.

Differentiator

Problem solved

Functional benefit

Brands

• Evecon Raju: MMA (Mixed Martial Arts) sports league acquired by Evecon in December 2024
• Baltic Storage Platform
• Baltic Renewable Energy Platform (BREP)
• WiSo Engineering

Products and services

• Solar Energy Parks Utility-scale and distributed solar photovoltaic parks developed across Estonia, Latvia, and Lithuania, including the 77.53 MW Kirikmäe solar park (largest in the Baltics). Sold via power purchase agreements (PPAs) and market sales to provide clean electricity generation for utilities, grid operators, and institutional off-takers.
• Onshore Wind Farms Onshore wind power generation projects developed across the Baltic states with an approximately 1,214 MW pipeline, focusing on competitive, well-planned projects with community engagement and environmental compliance. Output sold into power markets and through PPAs.
• Battery Energy Storage Systems (Hertz 1 and Hertz 2) Battery energy storage systems providing grid frequency regulation services including FCR (Frequency Containment Reserve), aFRR (automatic Frequency Restoration Reserve), and mFRR (manual Frequency Restoration Reserve). The 200 MW / 400 MWh Baltic Storage Platform is one of the largest in continental Europe. Customers are transmission system operators, grid operators, and energy markets.
• Dispatchable Gas Power Plants Transitional dispatchable gas-fired generation capacity (850 MW in pipeline) providing backup power and system reliability when renewable output is insufficient, supporting the Baltic energy transition to a carbon-neutral economy.
• WiSo Engineering EPC Services Evecon's wholly-owned subsidiary providing engineering, procurement, and construction (EPC) services for energy parks. Serves both internal Evecon projects (Kiisa/Aruküla BESS, Latvia platform) and external customers. Also represents TEK Transformatör in the Baltic and Nordic region for transformer supply.
• 110 MW Latvia Renewable Energy Platform Solar PV and battery energy storage project platform in Latvia developed jointly with Niam Infrastructure (Swedish investment fund). Structured in two phases across 11 sites for renewable electricity generation in the Latvian market.
• Kirikmäe Hybrid Solar + Storage Project Hybrid solar PV and battery energy storage facility combining the existing 77.53 MW Kirikmäe solar park with new 55 MW / 250 MWh BESS capacity. Coupled with a 10-year Flexibility and Power Purchase Agreement (FPPA) signed with German energy company Pure Energy.

Quantifiable outcome

• 540,000+ households' annual energy needs met from Evecon's renewable facilities
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Pure EnergyminorStrategic or Co-development Partner · 1 February 2026German energy company signed 10-year Flexibility and Power Purchase Agreement (FPPA) covering Kirikmäe, Imavere, and Lohu Metsa solar parks. First such agreement in the Baltics, combining renewable energy sales with flexibility optimization.
• Connecto InfracoreImplementation/ SI/ Consulting Partner · 1 June 2025Responsible for battery park substation construction and connection to Estonian 330 kV transmission network. Installed first 330 kV AC underground cable in Estonia for Kiisa battery park connection. Partnered with Prysmian Finland for cable manufacturing.
• Nidec ConversioncoreTechnology or Integration · 1 June 2025Battery technology supplier for Kiisa battery park. Provided battery containers and integration expertise for the 200 MWh storage facility.
• TEK TransformatörcoreTechnology or Integration · 1 March 2024Leading Turkish transformer manufacturer signed representative agreement for Baltic and Nordic region with Evecon subsidiary WiSo Engineering. Creates opportunities for construction and reconstruction of energy parks and distribution networks. First TEK transformers arrived in Estonia in early 2023. Factory holds KEMA quality certification.
• Corsica SolecoreStrategic or Co-development Partner · 1 November 2023French independent solar power producer and battery storage specialist partnered with Evecon to establish Baltic Storage Platform. Corsica Sole brings battery storage expertise developed in French island territories and Belgium. Holds majority stake (80%) in BSP with Evecon at 20%. Provided battery technology for Kiisa and Aruküla projects. 15-year operational commitment for storage facilities.

Scale indicators13 records

Recent moves9 records

Expansion highlights7 records

Broad incumbents

• Eesti Energia (Enefit): Estonian state-owned integrated energy utility with significant renewable energy generation (wind, solar, biomass) and oil shale legacy. Comparable as a pan-Baltic energy producer with overlapping renewable development activities and similar customer base (TSOs, governments, large consumers), but materially larger and diversified beyond renewables.
• BayWa r.e. German global renewable energy developer, EPC, and IPP with wind, solar, and storage operations across Europe and the US. Overlaps with Evecon on solar/wind EPC contracting via subsidiaries and project development financing partnerships.
• Ignitis Group: Lithuanian state-controlled integrated energy group operating wind, solar, biomass, and flexibility assets in the Baltics and neighboring markets. Overlaps directly with Evecon on Lithuanian renewable project development and TSO contracting, but operates a regulated utility model alongside its renewable build-out.
• Latvenergo: Latvian state-owned vertically integrated energy utility generating hydro, wind, and thermal power in Latvia and neighboring Baltic markets. Comparable to Evecon on Latvian renewable development and power generation, though Latvenergo is dominated by legacy hydro assets and operates under a regulated utility structure.

Direct peers

• Sunly: Estonia-headquartered renewable energy developer and prosumer/community solar operator active in the Baltics and broader Europe. Closely comparable to Evecon on Baltic wind and solar project development, energy community models, and target investor profile.
• OX2: Swedish-headquartered pure-play onshore wind and now solar developer active across Northern and Central Europe. Comparable to Evecon on wind-heavy pipeline, project development financing partnerships, and Baltic/Nordic geographic reach.
• Corsica Sole: French independent solar and battery storage developer that is Evecon's JV partner in Baltic Storage Platform (80% stake holder, with 15-year operational commitment). Directly comparable as a battery storage IPP specialist with similar project structures and revenue stacking across grid services markets.
• European Energy: Danish developer and EPC contractor for utility-scale solar, wind, and Power-to-X projects across Europe. Direct comparable to Evecon on wind/solar/BESS development model and JV financing structures with international infrastructure investors.

Emerging players

• Encavis Asset Management: German-listed operator and IPP of wind and solar parks across Europe with growing battery storage exposure. Comparable in business model (renewables developer/IPP with institutional investor capital) and target assets, though much larger and more diversified across geographies.

Others

• Niam Infrastructure: Swedish infrastructure investment manager forming JV with Evecon to develop up to 110 MW of solar/storage in Latvia. Not a direct competitor but a comparable counterparty in the Baltic renewable project finance market and a useful peer for capital structuring norms.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Eveconenergy
• LinkedInlinkedin.com/company/evecon1
• Instagraminstagram.com/eveconenergy?utm_source=ig_web_button_share_sheet&igsh=ZDNlZDc0MzIxNw%3D%3D

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evecon - Ehitame Baltikumi energeetika tulevikku