Ilmatar Begins the Construction of Four Wind Farms in Finland

BayWa r.e. Australian Wind Farm Sales Provide Capital to Grow Development Portfolio

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With the help of Danish AIP Management, Ilmatar has begun construction on four windfarms in Finland. The total investment amounts to 200 million euros. AIP is responsible for 135 million of that. The four wind farms have a total capacity of 131.8 MW.

Wind farms will produce approximately 440 gigawatt-hours annually. This is equivalent to electricity consumption for roughly 100,000 households. The turbines also emit 40,500 tons less CO2 each year. Construction will begin in July 2022, and commercial operations for all projects are expected to start in the first quarter 2024.

“The new partnership with AIP supports Ilmatar’s growth journey to become a leading Nordic Independent Power Producer (IPP)”. Juha Sarsama, Ilmatar’s CEO, comments on the agreement.

“We are delighted to enter into a strong partnership, Ilmatar is an independent and experienced power producer. Finland is a great market for our flexible financing instrument, as it has a low-risk profile, strong power market fundamentals, and renewables projects can be started without subsidies,” AIP’s managing partner Kasper Hansen summarizes.

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Ilmatar Energy retains full ownership of the wind farms. Once construction is complete, it will operate them. Construction of all four projects will begin soon. They are constructed on a fully merchant basis with no subsidies. Vestas, also from Denmark was chosen as the supplier of the wind turbines for the wind farms. The contract covers turbine delivery, installation, and commissioning, as well as service agreements that will cover several decades for each of the four projects.

Ilmatar currently has 16 wind farm projects in development in 20 municipalities in Finland. These wind farms are composed of 262 turbines with a combined capacity of 1,700MW. This represents approximately half of Finland’s current installed wind power capacity. The Olkiluoto 3 unit plant has a capacity equivalent to 1,600 MW.

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