Ilmatar gets EUR-200m cash boost to back Finnish wind ambitions

Finnish renewables developer Ilmatar Energy has secured EUR 200 million (USD 244.7m) from its majority shareholder Omnes Capital and other investors, thus backing its ambitions to deploy 1 GW of wind capacity at home.

The financing was obtained in an investment round among unnamed “leading investors'' and led by French private equity investor Omnes Capital, Ilmatar said on Wednesday. It added it will use the raised funds to finance its future major renewable energy projects.

The Finnish firm’s goal is to install 1 GW of new wind parks in Finland by 2027 and develop an additional 1 GW in pipeline projects by the same year.

“Wind will be our core market, but we actively explore opportunities in large-scale energy storage, solar PV, and Power-to-X projects to diversify our portfolio,” said CEO Juha Sarsama.

The Finnish developer intends to own the projects it develops, in line with its strategy to transform from a project developer into an independent power producer (IPP). While its business encompasses the Nordic region, its major focus will be its home market, it said.

(EUR 1.0 = USD 1.223)

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