Four wind farms in Finland totaling roughly 132MW have already begun construction thanks to Ilmatar Energy, which has received loan funding for the projects from the Danish firm AIP Management.
The total investment is €200, of which €135 million belongs to AIP.
A rough estimate of the wind farms’ annual production capacity is 440 gigawatt hours.
In the first quarter of 2024, commercial operations for all projects are anticipated. The wind farms’ turbine provider is Vestas.
For all four projects, the contract includes service agreements that span several decades along with the supply, installation, and commissioning of turbines.
Juha Sarsama, Ilmatar’s chief executive, 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.”
Kasper Hansen, AIP managing partner, 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.”