Finnish renewables developer Ilmatar has secured group level debt financing of €145m that will enable it to accelerate its strategy to be a leading clean power producer in the Nordics.
The €144.5m loan facility from a European debt investor will further strengthen Ilmatar’s position in building and producing Finnish, Nordic, and European renewable energy, the developer said.
In addition to production already under construction, Ilmatar has more than 2200MW of onshore wind power in the development pipeline, is about to start its first solar power projects and also aims to be a “major player” in offshore wind power.
“We are steadily progressing towards our goal of becoming the leading renewable energy producer in the Nordics,” Ilmatar CEO Juha Sarsama said.
With the loan facility, Ilmatar has secured a total of approximately €750m in equity and debt funding for its growth strategy over less than two years.
“This financing will be used for new project acquisitions as well as building wind power and solar power production that we want to own in line with our strategy.
“Our project development outlook is excellent for wind and solar power, and we managed to agree on an innovative collateral arrangement in good cooperation with the debt investor,” said Ilmatar chief financial officer Joonas Ekholm.
Ilmatar’s objective is to be the leading renewable energy producer in the Nordic countries by 2027 by producing wind and solar power.
Projects are funded by both debt and equity financing.
Ilmatar will start solar power production already in early 2023, when the company’s first solar power farm is completed in Joroinen.
Ilmatar has also announced that it is looking into developing a 130MW solar power plant in Loimaa and more utility-scale projects in Finland and Sweden will be announced this year and next.