Omnes-Ilmatar JV to build 1 GW of Nordic wind

A joint venture (JV) created by an Omnes Capital-managed fund and Finnish firm Ilmatar Windpower Plc will aim to build an operate up to a gigawatt of Nordic wind power over five years.

The companies said Wednesday the JV, Ilmatar Energy Ltd, has already made its first acquisition. It bought from state-owned company Metsaehallitus a 50-turbine project of over 200 MW in Finland. Construction of the Piiparinmaeki-Murtomaeki facility is expected to take place next year. From 2021 the park is to produce over 600 GWh annually, without relying on subsidies.

Ilmatar Energy will be pursuing further acquisitions of more development stage and construction ready assets in Finland or other Nordic countries, its founders said. FPCI Capenergie 3, a renewables fund managed by Omnes, holds 70% in the JV. Ilmatar Windpower has 30% and acts as Ilmatar Energy's manager.

Ilmatar Windpower CEO Erkka Saario said that large consumers of electricity are looking to improve their profitability and reduce their environmental footprint through long-term power purchase agreements (PPAs). “We are able to offer electricity at a magnitude and price level never before seen on the Finnish wind power market,” Saario noted.

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