European Investment Bank supports Finnish renewable energy

• EIB signs equity co-investment in Ilmatar Energy alongside Omnes-managed Capenergie 4 fund, supporting construction and development of on-shore wind energy projects in Finland
• The €35 million EIB-investment will provide funding to Ilmatar Energy, a leading Finnish wind developer, to develop and build out its 3 GW project pipeline.
• EIB’s commitment will help Ilmatar Energy’s bid to become one of the leading Nordic renewable IPPs

The European Investment Bank (EIB) is reaffirming its support for renewable energy production in Finland by co-investing alongside Omnes-managed Capenergie 4 fund. For llmatar Energy, the €35 million commitment comes alongside other investors to support Ilmatar Energy in consolidating its growth strategy and converting into a leading Independent Power Producer (IPP). EIB’s investment was crucial in finalizing a fundraising round dedicated to Ilmatar Energy of €250 million, led by Omnes and its LPs. Other co-investors include Amundi, Après-demain, Arcano Partners, Cambridge Associates discretionary client capital, Industriens Pension and RAISE Impact.

This fundraising commitment, one of the largest investments in the Finnish energy transition ever, will enable Ilmatar Energy to build at least 1 GW of installed wind capacity in Finland by 2027, of which 500 MW are already under construction or operational in different locations across the country including the 211 MW Piiparinmäki, the largest wind farm in Finland when completed in the coming months. A further 2 GW of additional greenfield development will also benefit from this financial support and reach ready-to-build stage in the coming years.

“EIB financing to renewable energy projects in Finland is expected to become increasingly relevant in the coming years,” said EIB Vice-President Thomas Östros. “The sector will require significant investments in order to achieve the country’s climate targets, and the EIB has the track record, experience and suitable financing to be an important partner in that endeavour. In line with the European Green Deal and the EIB’s climate ambitions, we’re happy to support these renewable energy projects.”

Juha Sarsama, Ilmatar Energy CEO, said: “At Ilmatar Energy we are extremely proud and humbled that EIB chose to invest with us and we will be leading the way showing how the green transition can be made so that consumers and different industries have the possibility to make green choices. For more than 10 years Ilmatar has pioneered the Finnish wind market and will continue to do so across those technologies which provide the lowest Levelized Cost of Electricity.”

Serge Savasta, Managing Partner at Omnes, said: “This investment is an excellent example of how EIB is able to leverage and work alongside private investors, united around the goal of driving the European energy transition. We are very pleased to have raised these funds which will be pivotal in transforming Ilmatar Energy into one of the leading Nordic IPPs. We would like to thank all our LPs for having supported Ilmatar Energy and Omnes in this landmark transaction.”