Delta Capacity, COVENERGO, and Strioga Family Foundation reach financial close on two standalone battery storage projects with a combined capacity of 250 MW / 600 MWh in Finland

Societe Generale provides financing for the Karppio BESS and AKKU One BESS projects; construction is underway, with commercial operations targeted for Q4 2027.

Delta Capacity has reached financial close on two Battery Energy Storage System (BESS) projects in Finland: Karppio BESS, a 125 MW / 300 MWh project in Teuva in partnership with Strioga Family Foundation, and AKKU One, a 125 MW / 300 MWh project in Lapinlahti in partnership with COVENERGO. With a combined capacity of 250 MW / 600 MWh, AKKU One and Karppio are among the largest BESS developments in Finland to enter construction.

Both partners bring extensive experience in developing and investing in energy projects of this kind. As the majority owner of AKKU One, COVENERGO contributes its expertise in renewable energy development, project financing and investment structuring, drawing on its experience across six countries. Strioga Family Foundation brings its experience as an investor in BESS projects across five other European markets.

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

Key supply and offtake contracts with Sungrow and Centrica Energy have been executed, construction has started and commercial operations are targeted for Q4 2027. Delta Capacity acts as the construction and long-term asset manager for both projects.

Financial close demonstrates Delta Capacity's integrated model: developing battery storage facilities and bringing together the commercial, financial and execution partners needed to build, finance and take BESS projects to commercial operation. A key part of this model is Delta Capacity's work with Centrica Energy, with partial tolling agreements already in place for both assets. The tolling structure gives the projects secured revenues while maintaining merchant upside, and builds on Centrica Energy's role as optimiser of Delta Capacity's 70 MW / 160 MWh Ånge BESS in Sweden, which has been in operation since June 2026.

“Achieving financial close on both Karppio and AKKU One represents a significant milestone for Delta Capacity and our partners, COVENERGO and Strioga Family Foundation. The backing of Societe Generale and Finnvera underscores the strength of these projects, the quality of our partnerships and the confidence in our development and investment strategy. With construction already underway, our focus now turns to successfully delivering both projects and bringing them into operation in 2027,” said Marc Weisser, CFO & CIO of Delta Capacity.

“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. As energy markets continue to evolve, new business models and emerging players are developing across this growing segment of the energy value chain. We are pleased to support this evolution and the companies contributing to it, such as Delta Capacity,” said Christophe Hadjal, Head of Energy, Mining and Industries Finance, Europe at Societe Generale.

“Reaching financial close for AKKU One is a major milestone for COVENERGO and an important step in our expansion into the Nordic energy market. Together with Delta Capacity and our financing partners, we have successfully brought the project into its next phase. With construction already underway, our focus is now on delivering a high-quality battery storage asset that will support the flexibility and resilience of Finland's energy system,” said František Kalivoda, CEO of COVENERGO.

“Reaching financial close on Karppio BESS less than four months after our investment reflects the strength of the partnership with Delta Capacity and the professionalism of the full project team. Strioga Family Foundation is committed to supporting the European energy transition, and we see battery storage as central to integrating the continent’s growing renewable capacity,” said Gediminas Uloza, CEO of Strioga Family Foundation.

ICECAPITAL acted as debt adviser on the financing. Castrén & Snellman and Cobalt acted as legal counsel to the borrowers and sponsors. HPP and Addleshaw Goddard acted as  legal counsel to the lenders. AFRY acted as technical adviser and Aurora Energy Research provided market advice.

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.