Ilmatar bags AIP debt for 132-MW Finnish wind project quartet

Finnish renewable energy producer Ilmatar Energy Oy has signed a debt financing deal with Denmark’s AIP Management that will enable it to launch construction on 131.8 MW of wind farm projects at home later this month.

Some EUR 135 million (USD 137.6m) will be extended by the Danish investment manager, Ilmatar said on Friday. The debt will bankroll four of the company’s projects that are estimated to require an overall investment of EUR 200 million.

The capacity will be installed on a merchant basis, with no government subsidies to be used, the Finnish developer said.

To be equipped with turbines by Denmark’s Vestas Wind Systems (CPH:VWS) the wind parks are expected to generate about 440 GWh of electricity annually, or enough to cover the consumption of some 100,000 homes. Their commissioning is scheduled for the first quarter of 2024. Vestas’ scope of work on the projects includes turbine delivery, installation and commissioning. The manufacturer will also service the four plants for “several decades.”

Currently, Ilmatar is developing 16 wind projects across Finland with a combined capacity of 1.7 GW.

(EUR 1.0 = USD 1.019)

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