Renewable energy developer Ilmatar arranges €144.5m debt financing

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July 21 (Renewables Now) – Finnish renewable energy producer Ilmatar Energy Oy today announced that it has secured €144.5 million ($147.4 million) in group-level debt financing from a major European investor, without disclosing his name.

The company will use the funding for new project acquisitions and for construction purposes, according to chief financial officer Joonas Ekholm.

Ilmatar develops, builds, owns and operates onshore wind farms in the Nordic countries and is currently pursuing an onshore wind target of 1 GW by 2027. Additionally, it enters the solar energy segment.

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

Including this loan, Ilmatar has now secured a total of €750 million in equity and debt financing for its growth strategy over a period of less than two years. More recently, the company signed a €135 million debt financing agreement with Danish company AIP Management to support the construction of 131.8 MW of wind farms in its country.

(1 EUR = 1,020 USD)

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