Société Générale provides long-term senior financing for the project, marking a significant milestone in COVENERGO’s expansion into the Nordic energy storage market.
Prague, 29 October 2026 – COVENERGO, a Prague-based renewable energy services company, has successfully reached financial close on AKKU ONE, a 125 MW / 300 MWh battery energy storage system (BESS) project located in Lapinlahti, Finland.
As the majority owner of AKKU ONE, COVENERGO considers financial close a significant achievement in its investment strategy and an important step in strengthening its position in the Nordic energy storage market.
The project is being developed in partnership with Swiss-based Delta Capacity, which acts as construction and long-term asset manager. Construction is already underway, with commercial operations targeted for Q4 2027.
Long-term financing secured
AKKU ONE has reached financial close with Société Générale acting as the sole senior lender, providing long-term project financing.
Société Générale also acts as agent, security agent and hedge provider for the financing.
Reaching financial close represents a major step in securing the financial foundation for the project’s continued construction and delivery.
An important component of AKKU ONE’s commercial structure is the partial tolling agreement with Centrica Energy, which provides contracted revenues while maintaining exposure to market opportunities.
This structure supports the project’s long-term commercial viability and its participation in Finland’s evolving electricity and flexibility markets.
A significant milestone for COVENERGO
For COVENERGO, financial close represents more than the completion of a financing process. It is an important achievement in the company’s strategy to develop and invest in large-scale renewable energy and battery storage infrastructure.
AKKU ONE is a key project in COVENERGO’s expansion into the Nordic market, combining the company’s expertise in renewable energy development, project financing and investment structuring with the experience of its strategic partners.
“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.
Supporting Finland’s energy transition
Finland’s electricity system is undergoing significant transformation, driven in part by the continued growth of renewable energy generation, particularly wind power.
With a power capacity of 125 MW and an energy storage capacity of 300 MWh, AKKU ONE will contribute to grid flexibility, frequency regulation and balancing services, supporting the integration of renewable energy into Finland’s electricity system.
For COVENERGO, the project represents a significant investment in European energy infrastructure and a further step in the company’s development of bankable, large-scale energy storage projects.
About COVENERGO
COVENERGO is a trusted renewable energy services company with a proven track record across Europe and beyond. The company provides expertise across renewable energy development, BESS and hybrid systems, project finance, EPCM and construction management, as well as strategic partnerships and M&A.
Operating across six countries, COVENERGO has a team of 55 professionals and currently manages more than 180 MWh of BESS and 72 MWp of PV under construction.
COVENERGO partners with private, institutional and public-sector investors to structure and deliver bankable, investment-ready energy projects.