PKA and PFA divest stake in Walney Extension, an offshore wind farm located in the Irish Sea AIP Management, on behalf of PKA, and PFA Pension, has agreed to divest a minority stake of their joint holding in Walney Extension, the operational offshore wind farm…
AIP provides merchant financing to a portfolio of onshore wind proejcts in Finland
AIP Management, on behalf of AIP Infrastructure II, is pleased to announce a EUR 135m financing of a portfolio of four onshore wind farms in Finland with a total capacity of 131.8 MW. The projects are all fully merchant and are being financed with a long-term, flexible financing solution.
“We are very pleased to embark on a strong partnership with Ilmatar, an experienced and local independent power producer. Finland is an attractive market for our flexible financing instrument because the country has a low risk profile, the power market fundamentals are strong, and you can get renewables projects off the ground without subsidies.” said Kasper Hansen, Managing Partner of AIP.
The project developer is Ilmatar Energy, a Finnish independent power producer established in 2011, that retains 100% of the equity ownership and project manager role during both construction and operations. All four projects are construction-ready with Vestas as the turbine supplier who are also providing a long-term turbine service agreement.
The wind farm will have a total expected production of c. 440 GWh per year which will produce enough electricity to supply the equivalent of around 99,000 Danish households and will offset the equivalent of 40,500 tonnes of carbon dioxide during each year of operation. Construction is expected to start in July 2022 with the full portfolio expected to reach commercial operation in Q1 2024.
ABOUT AIP MANAGEMENT
AIP Management is a Danish investment manager dedicated to investing into energy and infrastructure assets in Europe and the US. To date, AIP has invested more than EUR 4 billion primarily in assets that contribute to the green transition, including seven European offshore wind farms, five onshore wind farms in Europe and the US, and four large solar power plants in California and Texas. The existing investments deliver sustainable energy to cover the equivalent of over 2.2 million households’ consumption and save more than 3 million tons of CO2 on an annual basis. For more information, please visit www.aipmanagement.dk.
Ilmatar Energy Oy is a Finnish energy company that exclusively produces renewable energy and operates at every single stage of wind power production: Ilmatar develops, builds, owns and operates wind and solar farms and sells the electricity generated. The objective is to increase Finnish renewable energy generation capacity by 1 GW by 2027, solely by means of onshore wind power.
Ilmatar’s wind farms are built unsubsidized on a fully merchant basis. Ilmatar owns the wind farms throughout their operational life cycle.
Ilmatar Energy Group includes several project development companies and Ilmatar Service Oy that is responsible for the technical and commercial management of our wind farms. www.ilmatar.fi