Ilmatar Energy has secured €200m in new growth capital for its future major renewable energy projects, with Omnes Capital leading the financing round.
The investment is part of Ilmatar Energy’s strategy to deploy more than 1GW of new wind capacity by 2027.
Ilmatar Energy has been pioneering the Finnish wind market since 2011, and its integrated value chain presence is unique to the Finnish market, according to the company.
Ilmatar’s operations range from greenfield development and construction management to operational asset management and retail sales of renewable energy, as well as being a leading long-term PPA provider in Finland.
The new investment will fund Ilmatar’s growth strategy and transition from project development to a leading Nordic independent power producer (IPP) in renewable energy.
It will focus on Finland, as the Finnish wind market is expected to continue a strong growth track.
Chief executive Juha Sarsama said: “The investment represents a significant commitment to a Finnish energy company that exclusively produces and sells renewable energy.
“This proves our exceptional capability to operate in every part of the renewable energy value chain and the experience that Ilmatar has in the field.
“As part of the IPP strategy, Ilmatar will own the projects that it develops.
“We are excited to continue our partnership with Omnes and jointly drive the transition to a fully renewable energy sector and carbon neutrality.”
Omnes, a French private equity and infrastructure investor, has been the majority shareholder in Ilmatar Energy since 2018.
The investor has extensive prior experience supporting IPPs, having invested in numerous renewable energy companies across Europe since 2006.
Omnes partner Michael Pollan said: “This investment is an excellent addition to our existing infrastructure portfolio.
“Omnes’ goal for a long time has been to support developers who are well acquainted with the local market to develop into leading independent power producers.
“We have been working with Ilmatar since 2018, and as a pioneer of Finnish wind power, the company is an ideal partner for us.
“Ilmatar’s ambition and successful track record allowed us to secure significant long-term funding from leading investors whom we wish to thank for their commitment to this exciting opportunity.”
Ilmatar is the only domestic player in Finland that owns the projects it has built from start to finish.
The company is currently constructing Finland’s largest wind farm in Piiparinmäki, later acquired by Glennmont Partners.
Technology giant Google has purchased over half of the electricity from the wind farm.
Ilmatar Energy is also constructing two other sites in Finland and preparing several other large-scale wind power projects across Finland.