Elias represents a portfolio of four onshore wind projects located in South-West Finland. Once complete, the projects will have 23 x Vestas wind turbines with a total nameplate capacity of 131.8MW. The projects are 100% owned, through holding companies, by Ilmatar Energy Oy (“Ilmatar”), who is an experienced local independent power producer. A subsidiary of Ilmatar will also provide asset management services to the projects during both construction and operations.
AIP will invest up to EUR 135m via its preferred instrument structure into the portfolio of projects.
The annual production across the projects is expected to be approximately 440 GWh per year, supplying electricity to the equivalent of around 57,400 Finish households and avoiding the equivalent of 31,800 tonnes of carbon dioxide per annum.
The entire portfolio is expected to reach commercial operations in the beginning of 2024. Thereafter, Vestas will provide O&M services for the turbines for 35 years.