Delta Capacity has reached financial close on two standalone Battery Energy Storage System (BESS) projects in Finland, marking a significant step in the country's rapidly expanding energy storage sector.

Financial Close Reached on Two Finnish BESS Projects

The two projects, Karppio BESS and AKKU One BESS, each have a capacity of 125 MW / 300 MWh, giving a combined capacity of 250 MW / 600 MWh. According to Delta Capacity, the two developments are among the largest BESS projects in Finland to enter construction.

Karppio BESS is located in Teuva and is being developed in partnership with Strioga Family Foundation, while AKKU One is located in Lapinlahti and is being developed in partnership with COVENERGO, which acts as the majority owner of the project. Societe Generale is providing financing for both projects, and construction is already underway, with commercial operations targeted for the fourth quarter of 2027.

Partners Bring Experience From Across Europe

Both development partners bring established track records in energy investment. COVENERGO contributes expertise in renewable energy development, project financing, and investment structuring, drawing on its experience across six countries. Strioga Family Foundation, for its part, brings experience as an investor in BESS projects across five other European markets.

Gediminas Uloza, CEO of Strioga Family Foundation, noted that reaching financial close on Karppio BESS came less than four months after the foundation's investment in the project.

He described this timeline as a reflection of the strength of the partnership with Delta Capacity and the professionalism of the full project team, and said the foundation sees battery storage as central to integrating Europe's growing renewable capacity.

František Kalivoda, CEO of COVENERGO, described the financial close for AKKU One as a major milestone for the company and an important step in its expansion into the Nordic energy market. He said the company's focus is now on delivering a high-quality battery storage asset that will support the flexibility and resilience of Finland's energy system.

Societe Generale Acts as Sole Senior Lender

Societe Generale is the sole senior lender to both projects, providing long-term financing while also acting as agent, security agent and hedge provider. Finnvera provides a counter-guarantee in support of one of the facilities arranged by Societe Generale.

Christophe Hadjal, Head of Energy, Mining and Industries Finance, Europe at Societe Generale, said the development of BESS solutions is becoming an increasingly important part of the energy transition, enabling greater integration of renewable energy sources and supporting the resilience of power grids.

He noted that as energy markets continue to evolve, new business models and emerging players are developing across this growing segment of the energy value chain and expressed the bank's pleasure in supporting this evolution and companies contributing to it, such as Delta Capacity.

Supply and Offtake Contracts Secured With Sungrow and Centrica Energy

Key supply and offtake contracts have been executed with Sungrow and Centrica Energy. Delta Capacity acts as the construction and long-term asset manager for both projects.

A central element of the commercial structure is Delta Capacity's work with Centrica Energy, with partial tolling agreements already in place for both assets. According to Delta Capacity, the tolling structure gives the projects secured revenues while maintaining merchant upside.

The relationship builds on Centrica Energy's existing role as optimizer of Delta Capacity's 70 MW / 160 MWh Ånge BESS in Sweden, which has been in operation since June 2026.

Marc Weisser, CFO & CIO of Delta Capacity, said achieving financial close on both Karppio and AKKU One represents a significant milestone for the company and its partners.

He said the backing of Societe Generale and Finnvera underscores the strength of the projects, the quality of the partnerships, and confidence in Delta Capacity's development and investment strategy. With construction already underway, he said the company's focus now turns to successfully delivering both projects and bringing them into operation in 2027.

Advisers Across the Financing

A range of advisers supported the transaction. ICECAPITAL acted as debt adviser on the financing. Castrén & Snellman and Cobalt acted as legal counsel to the borrowers and sponsors, while HPP and Addleshaw Goddard acted as legal counsel to the lenders. AFRY acted as technical adviser, and Aurora Energy Research provided market advice.

Grid Flexibility for a Growing Renewable Power System

Finland's power system continues to see rapid growth in renewable generation, particularly wind power. Once operational, Karppio and AKKU One will provide flexibility to the Finnish grid, supporting frequency regulation, balancing, and the continued integration of renewable energy.

Delta Capacity describes the financial close as a demonstration of its integrated model: developing battery storage facilities and bringing together the commercial, financial, and execution partners needed to build, finance, and take BESS projects through to commercial operation. With both projects now in construction and commercial operations targeted for Q4 2027, the company's attention shifts from financing to delivery.

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