Renewables developer Ilmatar arranges EUR 144.5m in debt financing

The Latamäki wind farm in Finland. Source: Ilmatar Windpower Oyj

July 21 (Renewables Now) - Finnish renewable energy producer Ilmatar Energy Oy announced today it has obtained group-level debt financing of EUR 144.5 million (USD 147.4m) from a major European debt investor, without disclosing its name.

The company will use the financing for new project acquisitions and for construction purposes, according to CFO Joonas Ekholm.

Ilmatar develops, builds, owns and operates onshore wind farms in the Nordics and is currently pursuing a 1-GW onshore wind target by 2027. In addition, it is entering the solar power segment.

”This significant loan facility will further strengthen Ilmatar’s position in building and producing Finnish, Nordic, and European renewable energy. In addition to production already under construction, we have more than 2,200 MW of onshore wind power in the development pipeline, we are about to start our first solar power projects and we want to be a major player also in offshore wind power,” stated Juha Sarsama, CEO of Ilmatar.

Including this loan, Ilmatar has now secured a total of EUR 750 million in equity and debt funding for its growth strategy over a period of less than two years. Most recently, the company signed a EUR-135-million debt financing deal with Denmark’s AIP Management to support the construction of 131.8 MW of wind farms at home.

(EUR 1 = USD 1.020)

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