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Delta Capacity has secured financing for two Finnish battery energy storage projects with a combined capacity of 250 MW and 600 MWh. Construction is underway, with commercial operations targeted for the fourth quarter of 2027; Société Générale is the senior lender, and Finnvera is providing a counter-guarantee for one facility.
Swiss developer Delta Capacity has reached financial close on two standalone battery storage projects in Finland totaling 250 MW and 600 MWh, with construction underway at both sites. The company is developing the projects with local partners, and targets commercial operations in the fourth quarter of 2027.
The portfolio comprises Kärppiö, a 125 MW / 300 MWh project in Teuva, and AKKU One, also 125 MW / 300 MWh, in Lapinlahti. Delta Capacity is developing Kärppiö with the Strioga Family Foundation and AKKU One with Covenergo. The projects are standalone battery energy storage systems, rather than storage units paired with a named generation project in the source report.
Société Générale acted as sole senior lender to both projects, providing long-term financing and serving as agent, security agent and hedge provider. Finnish export credit agency Finnvera is providing a counter-guarantee for one of the financing facilities. The source report does not state the amount or terms of the loans.
Delta Capacity said it will manage construction and the assets over the long term. Sungrow has been selected as equipment supplier, while Centrica Energy has signed partial tolling agreements for both projects. Icecapital advised on debt, with AFRY and Aurora Energy Research serving as technical and market advisers, respectively.
Two Large Projects Enter Construction
Financial close moves the two developments beyond project financing and into construction, supporting an additional 600 MWh of planned storage capacity in Finland. Battery systems can store electricity and discharge it later, but the report does not specify how the projects will be dispatched or quantify their expected effect on prices, grid reliability or renewable generation.
The financing also brings together a commercial bank, an export credit agency, an equipment supplier and tolling counterparty. Those roles indicate how the projects are being financed and contracted, but the available information does not disclose the financial terms, the share of capacity covered by the tolling agreements or the revenues expected from either asset.
For Delta Capacity, the projects add a Finnish construction pipeline following its commissioning of the 70 MW / 160 MWh Ånge BESS in Sweden in June 2026. The comparison is relevant as evidence of the developer’s recent activity, not proof that the Finnish projects will follow the same schedule or operating model.
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Partners and Earlier Swedish Project
Delta Capacity is developing the Finnish assets with two different partners: the Strioga Family Foundation at Kärppiö and Covenergo at AKKU One. The source describes both as projects among Finland’s largest battery storage developments to enter construction, a characterization attributed to Delta Capacity rather than an independently supplied ranking.
The company’s recent reference point is Ånge in Sweden, which Delta Capacity said was commissioned in June 2026. That facility has a stated capacity of 70 MW / 160 MWh and is optimized by Centrica Energy. Centrica has also signed partial tolling agreements for the two Finnish projects, though the report gives no further detail about the contractual arrangements.
““Achieving financial close on both Kärppiö and AKKU One represents a significant milestone for Delta Capacity and our partners, Covenergo and the Strioga Family Foundation.””
— Marc Weisser, CFO and CIO of Delta Capacity
Financing Terms and Contract Scope
The announcement does not disclose the loan size, interest rates, repayment schedule or other financing terms. It also does not identify which facility receives Finnvera’s counter-guarantee or explain its coverage.
The extent of Centrica Energy’s partial tolling agreements is not stated: the report gives no contracted capacity, duration or commercial terms. It likewise does not provide project-level construction schedules, expected annual output, grid connection details or the precise commissioning dates within the Q4 2027 target. The stated timetable is a target, not confirmation that operations will begin by then.
Construction Toward 2027 Operations
Construction is underway at both Kärppiö and AKKU One. Delta Capacity says it will act as construction manager and long-term asset manager, and has identified delivery and bringing the batteries into operation as its next priorities. The current target is commercial operation in Q4 2027.
Further information would be needed to track progress against that target, including construction milestones, commissioning updates and details of the partial tolling arrangements. No additional milestone dates were included in the announcement.
Key Questions
Which Finnish battery projects secured financing?
Kärppiö in Teuva and AKKU One in Lapinlahti reached financial close. Each is planned at 125 MW / 300 MWh.
Who provided the financing?
Société Générale was the sole senior lender to both projects. Finnvera is providing a counter-guarantee for one of the financing facilities; the announcement does not identify which one.
When are the projects expected to begin commercial operations?
Delta Capacity targets commercial operations in the fourth quarter of 2027. That is a stated target; the source report does not confirm a specific commissioning date.
Who are the development and project partners?
Delta Capacity is developing Kärppiö with the Strioga Family Foundation and AKKU One with Covenergo. Sungrow was selected as equipment supplier, and Centrica Energy signed partial tolling agreements for both assets.
What are the projects’ financing and tolling terms?
The announcement does not disclose the loan amounts or terms, the scope of Finnvera’s counter-guarantee, or the capacity and duration covered by Centrica Energy’s tolling agreements.
Source: ess-news.com
