Delta Capacity Closes Financing for 600 MWh of Batteries in Finland

• Delta Capacity reached financial close on two Finnish batteries with a combined 250 MW / 600 MWh, the Swiss developer said on Oct. 28.
• Societe Generale is the sole senior lender, Finnvera counter-guarantees one facility, Sungrow supplies the batteries and Centrica Energy holds partial tolling deals.
• Construction has started in Teuva and Lapinlahti, with commercial operation targeted for the fourth quarter of 2027.

Delta Capacity has reached financial close on two standalone batteries in Finland totaling 250 MW / 600 MWh, the Swiss developer said on Oct. 28. Societe Generale is the sole senior lender to both projects. Construction has started at each site.

The projects are the same size, 125 MW / 300 MWh each. Delta Capacity and Strioga Family Foundation bought Karppio, in Teuva in South Ostrobothnia, together in June. Prague-based Covenergo is the majority owner of AKKU One, in Lapinlahti in North Savo. Delta Capacity is construction and long-term asset manager for both.

Besides the long-term debt financing, Societe Generale acts as agent, security agent and hedge provider. Finnvera, Finland's state-owned export credit agency, provides a counter-guarantee for one of the bank's facilities. The size of the debt was not disclosed.

Sungrow supplies the battery systems. Centrica Energy holds partial tolling agreements for both projects and will optimise and trade them across Nordic power markets. Delta Capacity said the structure gives the projects secured revenues while keeping merchant upside. At AKKU One, GreenPowerMonitor, a DNV company, will provide the energy management and SCADA systems.

The pair will join a growing battery storage fleet on the Finnish power grid. Grid operator Fingrid counted about 1,050 MW of electricity storage connected by February.

The Finnish batteries in numbers

• 250 MW / 600 MWh in total, split evenly between Karppio in Teuva and AKKU One in Lapinlahti.
• 2.4 hours at full power from each project's 300 MWh (list.solar calculation); Delta Capacity calls Karppio a 2-hour system.
• 1 senior lender, Societe Generale, for both projects, with a Finnvera counter-guarantee on one of its facilities.
• 24%: the combined 250 MW measured against the 1,050 MW or so that Fingrid counted in February (list.solar calculation).
• 4 GW, approximately, of grid storage if every project with a signed connection agreement is built, according to Fingrid's July half-year report.
• 320 MW / 760 MWh across the two Finnish projects and Delta Capacity's Ånge battery in Sweden (list.solar calculation).

Strioga Chief Executive Officer Gediminas Uloza said reaching financial close on Karppio "less than four months after our investment reflects the strength of the partnership with Delta Capacity."

Both batteries target commercial operation in the fourth quarter of 2027. Centrica Energy already optimises Delta Capacity's 70 MW / 160 MWh Ånge battery in Sweden, which began operating in June 2026.