EIB makes EUR-35m investment in Ilmatar's wind pipeline in Finland
Image by: Ilmatar Energy.
The European Investment Bank (EIB) is making a EUR-35-million (USD 39.6m) equity co-investment in efforts by Finnish renewable developer Ilmatar Energy to build new wind farms in Finland, the lender said on Wednesday.
The EU bank is joined by French private equity investor Omnes Capital, which is contributing to Ilmatar Energy through its Capenergie 4 fund. The EIB’s investment is said to be crucial in finalising the Finnish developer’s EUR-250-million financing round, which was led by Omnes and co-investors including Amundi, Apres-demain, Arcano Partners, Cambridge Associates discretionary client capital, Industriens Pension and RAISE Impact.
With fresh investment in hand, Ilmatar will be able to build at least 1 GW of wind power capacity in Finland by 2027. This includes 500 MW that are already under construction or operating across the country.
The funding will also support the greenfield development of a further 2 GW of projects, enabling them to reach ready-to-build stage in the coming years, the EIB added.
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