Ilmatar secures a milestone 500 million euros to accelerate renewable energy production
Ilmatar, a Nordic energy company and Independent Power Producer (IPP), has secured a
milestone group level debt financing package of 500 million euros in a transaction led by
Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation
from Kommunal Landspensjonskasse (KLP), P Capital Partners (PCP) and accounts managed
by CIP. The package comprises a day one committed tranche of 325 million euros and an
uncommitted increase option of 175 million euros.
The deal further accelerates the growth of Ilmatar’s renewable energy production and
strengthens its position as the leading Nordic IPP. In line with company’s strategy, Ilmatar
develops, constructs, owns and operates its renewable energy sites.
Anti Sallila, CFO of Ilmatar 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 this financing from CIP, its co-investors and PCP, Ilmatar has secured more than one
billion euros in equity and debt funding for its growth strategy over the past five years.
Ilmatar has grown quickly to a leading Nordic IPP. During 2023, Ilmatar is commissioning six
onshore wind farms and one solar farm in Finland. It has approximately 1GW portfolio of
renewable energy in operation, under construction or in ready-to-build phases. Ilmatar is
growing rapidly in Sweden, where its emphasis has been on solar energy, and has secured
enough land to generate 4.2 terawatt hours of solar power per year. This corresponds to an
electricity demand of approximately 210,000 detached houses. Ilmatar is also developing
offshore wind power, energy storage and power-to-X solutions in Finland and Sweden.
CIP is a global leader within greenfield renewable energy investments and is investing through
its Green Credit Fund I. The fund focuses on providing private project finance debt with
subordinated risk characteristics supporting renewable energy projects in Europe, North
America, and selective jurisdictions in the Asia Pacific region. The project focus is on green- and
brownfield projects in renewable energy infrastructure.
Jakob Groot, Partner at CIP and Co-Head of the CI Green Credit Fund Isaid:
“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
Akereosgreat opportunity for our CI Green Credit Fund I to make a meaningful contribution to the deliver
the green agenda in Sweden and Finland with a very strong team”
PCP is a multi-strategy private credit investor based in Stockholm and is investing in this
transaction via the company’s Transition Fund. The Transition Fund is dedicated to providing
tailored financing solutions to projects and companies with the capacity to meaningfully
contribute to society’s ongoing transition towards sustainability in Europe.
Petter Lindblad, Director, PCP Transition said:
“PCP is pleased to contribute to this tailored financing in support of Ilmatar’s development as an
independent power producer, well positioned to support Europe’s energy security and pathway
towards carbon neutrality”
KLP is Norway’s largest occupational pension fund. Company’s investments are in-line with the
Paris Agreement and 1.5°C aim.
Oliver Siem, Director Investments and Operations at KLP said:
“KLP is excited to be a part of the lending consortium that enables further growth of Ilmatar and
its portfolio of high-quality renewable energy projects in the Nordic market. We believe this
investment will provide an attractive return to KLPs owners”
Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor to Ilmatar
during the process. Linklaters and Castren&Snellman acted as the lenders’ legal counsels while
Ashurst and Krogerus represented Ilmatar.
Additional information:
Antti Sallila, CFO, Ilmatar Energy, +358 40 513 2981, antti.sallila(a)ilmatar.fi
Vilma Wiitakorpi Björkman, VP, Communications, Marketing & ESG, Ilmatar Energy, +358 50
308 0879, vilma.wiitakorpi-bjorkman(a)ilmatar.fi
About Ilmatar
Ilmatar is a Nordic energy company and Independent Power Producer (IPP) founded in 2011,
focusing solely on renewable energy and independent power production. Its business areas
include renewable energy production and project development, construction, and maintenance.
Ilmatar owns its projects throughout their lifecycle, which can extend up to 40 years. The
combined production capacity of Ilmatar’s various wind and solar projects in different phases in
the Nordic countries is in excess of 20GW.
Ilmatar – Energy to Be Proud Of – www.ilmatar.fi/en
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest
dedicated fund manager within greenfield renewable energy investments and a global leader inoffshore wind. The funds managed by CIP focuses on investments in offshore and onshore
wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve
capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages eleven funds and has to date raised approximately EUR 26bn for investments in
energy and associated infrastructure from more than 150 international institutional investors.
CIP has more than 400 employees and 12 offices around the world. For more information, visit
www.cip.com
About P Capital Partners
PCP is a multi-strategy private credit investor committed to unlocking the full potential of
companies in Northern Europe through enduring partnerships. Our collaborative approach
delivers tailored financial solutions and strategic advice to our investee partners. Founded in
2002, we have made over 150 investments providing over EUR 4.5 bn to our investees. PCP is
headquartered in Stockholm, Sweden
In 2022, PCP reached final close on the Transition Fund, dedicated to supporting Europe’s
transition towards sustainability. With commitments of approximately EUR 700m, the fund
thematically invests in support of the following goals: (i) accelerating the development of a
carbon neutral society; (ii) supporting the development of the circular economy and; (iii)
improving the sustainability characteristics of harder to abate sectors.
About KLP
Kommunal Landspensjonskasse gjensidig forsikringsselskap (KLP) is Norway’s largest
occupational pension fund with over 1000 employees and group assets under management of
approximately 1000 billion Norwegian kroner. KLP is owned by Norwegian municipalities,
counties, public sector health enterprises and companies that offer their employees public
sector occupational pensions. At KLP thinking simultaneously about society, the environment
and responsible investment is part of our daily operations.