Societe Generale Backs Delta Capacity's 250 MW Battery Build-Out in Finland

Societe Generale has signed on as the sole senior lender to a pair of battery storage projects in Finland being brought forward by Delta Capacity, providing long-term financing while also serving as agent, security agent and hedge provider.

Lender's Role Anchors Dual-Project Deal

Finnvera is supplying a counter-guarantee supporting one of the facilities arranged by the bank. Christophe Hadjal, Head of Energy, Mining and Industries Finance, Europe at Societe Generale, said BESS solutions are becoming an increasingly important part of the energy transition, enabling greater integration of renewable energy sources and supporting power grid resilience.

He observed that as energy markets evolve, new business models and emerging players are developing across this growing segment of the energy value chain, and said the bank was pleased to support this evolution and companies contributing to it, such as Delta Capacity.

Two 125 MW Assets Enter Construction in Different Municipalities

The financing covers Karppio BESS in Teuva and AKKU One BESS in Lapinlahti, each sized at 125 MW / 300 MWh, for a combined 250 MW / 600 MWh. Delta Capacity says the two standalone Battery Energy Storage System projects are among the largest in Finland to enter construction. Construction is already underway, with commercial operations targeted for the fourth quarter of 2027.

Karppio is being developed in partnership with Strioga Family Foundation, while COVENERGO acts as majority owner and development partner on AKKU One. Delta Capacity serves as construction and long-term asset manager for both projects. Gediminas Uloza, CEO of Strioga Family Foundation, noted that financial close on Karppio was reached less than four months after the foundation's investment in the project. He described the timeline as a reflection of the strength of the partnership with Delta Capacity and the professionalism of the project team, and said the foundation views battery storage as central to integrating Europe's growing renewable capacity.

František Kalivoda, CEO of COVENERGO, called the financial close for AKKU One 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. COVENERGO brings expertise in renewable energy development, project financing and investment structuring from experience across six countries, while Strioga Family Foundation has invested in BESS projects across five other European markets.

Sungrow and Centrica Energy Contracts Shape the Commercial Structure

Key supply and offtake contracts have been executed with Sungrow and Centrica Energy. 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 optimiser 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 Support the Transaction

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

What the Projects Will Do for the Finnish Grid

Finland's power system is seeing 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 in construction and operations targeted for Q4 2027, attention now shifts from financing to delivery.