Ilmatar Energy reaches FID on two wind projects in Finland with minority capital from Japan’s Kansai and project finance from DekaBank
The two contiguous projects are the 138MW Louhukangas and the 78MW Moksy projects in the Ostrobothnia region of Finland. Both projects are supported by long-term PPAs with leading Finnish industrials and will reach COD in the last quarter of 2023.
Augusta & Co is proud to have acted as exclusive financial adviser to Ilmatar Energy in securing minority equity capital from Japan’s second largest utility Kansai Electric Power and project finance from DekaBank.
The transaction represents a rapid expansion in Ilmatar’s IPP strategy having secured fresh equity capital commitments from Omnes and other LPs earlier in 2021. Ilmatar will own and operate the two projects in partnership with Kansai, and at the same time will build a long-term strategic relationship with the Japanese utility in pursuit of Ilmatar’s expansion targets in Finland and internationally.
Kalle Pykälä, Chairman of Ilmatar Energy commented: “With this transaction Ilmatar Energy’s IPP strategy moves up another gear. Augusta have now provided excellent advice to the company in four transactions and demonstrated their expertise across equity, debt and corporate PPAs”.
Simon Clement-Davies, Partner at Augusta, said: “It has been immensely exciting to have supported Ilmatar’s rapid evolution in Finland from independent developer to leading IPP. We look forward to building further on this highly successful transaction”.