04.04.2014

SUSI and Ilmatar complete financing for Finnish wind power project

Finland is one of Europe’s burgeoning wind markets, according to Swiss company SUSI Partners AG.

Swiss investment advisor SUSI Partners AG has successfully completed SUSI Sustainable Euro Fund I’s investment with Ilmatar Windpower Plc into Project Latamäki, an 18 MW Finnish wind power project developed by Ilmatar. Vestas Wind Systems A/S will supply and erect six Vestas V112-3.0 MW wind turbine generators at the site and a German bank will act as the senior lender.

According to Otto von Troschke, SUSI Chief Investment Officer, Finland is one of Europe’s burgeoning wind markets, with less than 500 MW of installed capacity. “We are excited to be one of the first foreign investors to complete such a transaction, and look forward to a long and fruitful collaboration with Ilmatar in Finland,” says von Troschke. The Latamäki site is expected to be operational by the third quarter of 2014.

Growing wind sector

Ilmatar Windpower is a Finnish company with wind farm projects currently under development that add up to an estimated capacity of over 300 MW. Ilmatar is also exploring other possible locations for new wind farms around Finland.

According to Mikko Toivanen, COO of Ilmatar, the experience and insight gained by the company through the SUSI transaction will help to set a standard in the Finnish wind industry. “In line with our strategy of developing and owning wind assets, Ilmatar also provides the technical and commercial management of the park. We are more confident than ever of reaching our development target, and look forward to continued relationship with SUSI,” says Toivanen.

Source: SUSI Partners AG