Finnish renewable energy developer and producer Ilmatar Energy has obtained a EUR-500-million (USD 535m) milestone group-level debt financing package to pursue further growth, the company announced on Tuesday.
The transaction was led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 and included participation from Kommunal Landspensjonskasse (KLP), P Capital Partners (PCP) and accounts managed by CIP. It saw Ilmatar secure a day one committed tranche of EUR 325 million and an uncommitted increase option of EUR 175 million.
“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,” said Ilmatar’s CFO Antti Sallila.
This year, Ilmatar is commissioning six onshore wind farms and one solar farm in Finland. Its portfolio of renewables in operation, under construction or in a shovel-ready state has reached 1 GW, it said.
Ilmatar noted that including this latest transaction, it has now secured more than EUR 1 billion in equity and debt funding for its growth strategy over the past five years.
(EUR 1.0 = USD 1.070)