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Ilmatar begins construction on four wind farms

Published by , Editorial Assistant
Energy Global,

Ilmatar has started construction on four wind farms in Finland, with the debt financing secured from Danish AIP Management. The total investment is €200 million, of which AIP’s share is €135 million. The capacity of the four wind farms totals 131.8 MW.

The wind farms will have an estimated production capacity of approximately 440 GWh/y, the equivalent of electricity consumption in approximately 100 000 households, and 40 500 t in reduced emissions for each year of operation. Construction is expected to begin in July 2022, and commercial operations for all projects in 1Q24.

“The new partnership with AIP supports Ilmatar’s growth journey towards becoming a leading Nordic independent power producer (IPP). 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,” Ilmatar’s CEO, Juha Sarsama, said, commenting on the agreement.

“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 subsidiaries,” AIP’s Managing Partner, Kasper Hansen, sums up.

Retaining full ownership in the projects, Ilmatar Energy both develops the wind farms and operates them once construction is completed. Construction on all four projects is set to begin, and they are built on a fully merchant basis, with no subsidies.

Vestas, also from Denmark, was selected as the wind 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.

In total, Ilmatar currently has 16 wind farms in project development in 20 different municipalities in Finland. They consist of 262 wind turbines, with a total capacity of 1700 MW. This is approximately 50% of the current installed wind power capacity in Finland. For comparison, the Olkiluoto 3 plant unit has a capacity of 1600 MW.




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