Ilmatar, a Nordic power producer, has secured a €500 million debt financing package in a transaction led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1.
The package, which includes a committed tranche of €325 million on day one and an uncommitted increase option of €175 million, saw participation from Kommunal Landspensjonskasse (KLP), P Capital Partners (PCP), and accounts managed by CIP.
This financial arrangement is poised to expedite the expansion of Ilmatar’s renewable energy production. Consistent with the company’s strategy, Ilmatar is involved in the development, construction, ownership, and operation of its renewable energy sites.
Antti Sallila, Ilmatar’s chief financial officer, said “This debt package strengthens our position as an independent power producer as it enables us to accelerate building renewable energy production in Finland and Sweden in accordance with our strategy,”.
“We are pleased to partner with CIP and PCP in executing the green transition in the Nordics.”
With financial support from CIP, its co-investors, and PCP, Ilmatar has successfully secured over €1 billion in equity and debt funding to fuel its growth strategy over the past five years. By the conclusion of 2023, Ilmatar aims to have initiated the commissioning of six onshore wind farms and one solar array in Finland.
The company currently manages a 1-gigawatt portfolio of renewable energy assets that are either operational, under construction, or in advanced stages of development.
CIP’s Green Credit Fund 1 is specifically designed to provide private project finance debt with subordinated risk characteristics, offering support to renewable energy projects across Europe, North America, and selected jurisdictions in the Asia Pacific region. The fund concentrates on both greenfield and brownfield projects within the renewable energy infrastructure sector.
Jakob Groot, partner at CIP and co-head of the CI Green Credit Fund 1, commented “We are delighted to be partnering with Ilmatar to accelerate the development and construction of renewable energy projects in Sweden and Finland,”
“Ilmatar and its strong management team have a successful track record within the renewables space, and I see this transaction as a great opportunity for our CI Green Credit Fund 1 to make a meaningful contribution to the deliver the green agenda in Sweden and Finland with a very strong team.”
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