Ilmatar locks debt financing for 73.8 MW of Finnish wind

Finnish developer Ilmatar Energy said today it has obtained EUR 42 million (USD 50.4m) in long-term debt financing to back the construction of 73.8 MW of wind farm projects in its home country.

Ilmatar did not provide the name of its partner but said this is “a leading project finance provider” in the Nordic region.

The senior debt commitments will support the 25.8-MW Voimamylly and the 48-MW Rasakangas wind parks, both of which are planned to start feeding power to the grid early next year. The construction of the plants commenced early in 2021 and is currently ongoing at the sites in Humppila and Urjala and Kurikka. While turbine foundations are scheduled to be installed during the summer, the turbine generators will be erected in the autumn.

Long-term power purchase agreements (PPAs) are already in place for both projects.

Ilmatar said it intends to remain the sole owner of the power plants during their 30-35 year lifespan. Ilmatar Service will be their asset manager.

The Finnish developer is pursuing a goal of deploying over 1 GW of onshore wind capacity at home by 2027. Currently, it is building the 211-MW Piiparinmaki wind park in central Finland, which is due to go online later this year.

(EUR 1.0 = USD 1.200)

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