Ilmatar to raise €200 million new investment with Omnes Capital leading the financing round.

Ilmatar, a Helsinki, Finland-based green energy company, announced completing a €200 million ($244M) capital funding round.

The money was raised from investors led by the French investors from Omnes Capital.

The new investment will fund Ilmatar’s growth strategy and transition from project development to a leading Nordic independent power producer (IPP) in renewable energy, focusing on Finland, as the Finnish wind market is expected to continue a strong growth track. 

Ilmatar, founded in 2011 by Mikko Toivanen and Kalle Pykälä, and led by CEO Juha Sarsama, is active in the wind value chain market, with operations ranging from greenfield development and construction management to operational asset management and retail sales of renewable energy, as well as being a leading long-term PPA (power purchase agreement) provider in Finland.

Ilmatar sells the renewable energy it produces to its consumers and corporates from long-term PPA to small- and medium-sized businesses with many notable large companies in its customer base, including Google, which purchases over half of the electricity from the wind farm.

The company is profitable and produced revenue of €30.3 million ($37M) in 2020.