Ashurst advises Ilmatar on milestone financing to accelerate renewable energy production

Global law firm Ashurst has advised Ilmatar, a Nordic energy company and Independent Power Producer (IPP), on a milestone group level debt financing package of €500 million in a transaction led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation from Kommunal Landspensjonskasse and P Capital Partners (PCP) and accounts managed by CIP.

The package comprises a day one committed tranche of €325 million and an uncommitted increase option of €175 million.

The deal further accelerates the growth of Ilmatar’s renewable energy production and strengthens its position as the leading Nordic IPP. In line with company’s strategy, Ilmatar develops, constructs, owns and operates its renewable energy sites as an IPP.

With this financing from CIP, its co-investors and PCP, Ilmatar has secured more than €1 billion in equity and debt funding for its growth strategy over the past five years.

The Ashurst team was led by partner Laura Ho, supported by senior associate Eilish O'Neill and associate Jacqueline Chan.

Commenting on the transaction, Ilmatar’s CFO Antti Sallila said: "This debt package strengthens our position as an independent power producer, and it enables us to accelerate building renewable energy production in Finland and Sweden according to our strategy. The debt package will be predominantly used on building new onshore wind and solar power."

Laura Ho added: "We are delighted to have assisted Ilmatar on such a strategically important financing as part of their commitment to clean renewable energy and efforts to support the Nordic countries achieve their carbon neutral ambitions."