Ilmatar Energy has started construction on four wind farms in Finland totalling almost 132MW, with the debt financing also secured for the projects from Danish company AIP Management.
The total investment is €200, of which AIP’s share is €135m.
The wind farms will have an estimated production capacity of about 440 gigawatt-hours a year.
Commercial operations for all projects is expected in the first quarter of 2024.
Vestas is the turbine supplier for the wind farms.
The contract includes turbine delivery, installation and commissioning along with service agreements covering several decades for all four projects.
Ilmatar chief executive Juha Sarsama said: “The new partnership with AIP supports Ilmatar’s growth journey towards becoming a leading Nordic independent power producer.
“The flexible financing method allows us to implement our IPP strategy because it diversifies our merchant risk and gives us an opportunity to implement our hedging strategy more comprehensively.”
AIP managing partner Kasper Hansen said: “We are very pleased to embark on a strong partnership with Ilmatar, an experienced and local independent power producer.
“Finland is an attractive market for our flexible financing instrument because the country has a low risk profile, the power market fundamentals are strong, and you can get renewables projects off the ground without subsidies.”