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Nordic energy company Ilmatar has secured €500m ($538m) in debt financing from Copenhagen Infrastructure Partners (CIP), Kommunal Landspensjonskasse (KLP) and P Capital Partners (PCP).

CIP, which led the transaction, offered the debt package to Ilmatar through its Green Credit Fund 1.

The financing includes a committed tranche of €325m and an uncommitted option for an additional €175m.

Ilmatar can now expedite the growth of its renewable energy portfolio, strengthening its position as a leading independent power producer in the Nordic region.

The financing aligns with the company’s plan to build, own and operate renewable power generation projects.

Including this funding from CIP and its co-investors, Ilmatar’s equity and debt financing for growth reached more than €1bn between 2018 and 2023.

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Ilmatar chief financial officer Antti Sallila stated: “This debt package strengthens our position as an independent power producer as it enables us to accelerate building renewable energy production in Finland and Sweden in accordance with our strategy. We are pleased to partner with CIP and PCP in executing the green transition in the Nordics.”

CIP partner and CI Green Credit Fund I co-head Jakob Groot stated: “We are delighted to be partnering with Ilmatar to accelerate the development and construction of renewable energy projects in Sweden and Finland.

“Ilmatar and its strong management team have a successful track record within the renewables space, and I see this transaction as a great opportunity for our CI Green Credit Fund I to make a meaningful contribution to the deliver the green agenda in Sweden and Finland with a very strong team.”

In 2023 alone, the Nordic energy company commissioned six onshore wind farms and one solar farm in Finland.

It has a 1GW portfolio that includes operating projects along with those under construction or in ready-to-build phases.

Along with its primary market in Finland, the company is gaining a foothold in neighbouring countries. In Sweden, it has secured land to produce 4.2 terawatt-hours of solar energy annually.

It is also focused on the development of offshore wind power and energy storage solutions in the two countries.