May 12 (Renewables Now) – Finnish developer Ilmatar Energy today announced that it has secured 42 million euros (US $ 50.4 million) in long-term debt financing to support the construction of 73.8 MW of wind farm projects in its country of origin.

Ilmatar did not provide the name of his partner but said he was “one of the main providers of project finance” in the Nordic region.

The senior debt commitments will support the 25.8 MW Voimamylly and 48 MW Rasakangas wind farms, both of which are expected to start feeding the grid with electricity early next year. Construction of the factories began in early 2021 and is currently continuing at the Humppila, Urjala and Kurikka sites. While the foundations for the turbines are expected to be installed during the summer, the turbine generators will be installed in the fall.

Long-term Power Purchase Agreements (PPAs) are already in place for both projects.

Ilmatar said he intends to remain the sole owner of the power plants during their 30 to 35 year lifespan. Ilmatar Service will be their asset manager.

The Finnish developer is pursuing the goal of deploying more than 1 GW of onshore wind capacity in its country by 2027. It is currently building the 211 MW Piiparinmaki wind farm in central Finland, which is expected to be commissioned more late this year.

(1.0 EUR = 1,200 USD)