Ilmatar

What Ilmatar does

Ilmatar is a Nordic Independent Power Producer (IPP) headquartered in Helsinki, Finland, focused on the development, ownership, and operation of utility-scale renewable energy assets. Founded in 2011, the company operates a portfolio of six wind farms and one solar farm across Finland and Sweden, and has publicly targeted deployment of more than 1 GW of new wind energy capacity in Finland by 2027. Its core technology is the generation of renewable electricity from wind and solar assets, with no proprietary software or AI/ML layer disclosed.

The company monetizes generation through long-term power purchase agreements (PPAs) with large enterprise energy consumers, most prominently Google, selling renewable electricity to industrial and technology customers seeking to meet sustainability and carbon reduction commitments. Its primary customer segment is large enterprise energy consumers, particularly in the technology sector, with corporate sustainability and renewable procurement framed as the key pain points addressed.

Ilmatar is privately held and has raised approximately €700 million across two institutional rounds: a €200 million funding round led by Omnes Capital in May 2021 and a €500 million debt financing package led by Copenhagen Infrastructure Partners in November 2023. Capital is being deployed to accelerate renewable project development across Finland and Sweden, transition the company to a leading Nordic IPP, and diversify its generation mix to include solar. Headcount is reported in the 101-250 band, consistent with a mid-scale IPP managing a growing multi-asset portfolio.

Name

Ilmatar

Legal name

Ilmatar

Website

https://ilmatar.fi

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

Ilmatar is a Helsinki-based Nordic Independent Power Producer that develops, owns, and operates utility-scale wind and solar farms in Finland and Sweden, selling renewable electricity to large enterprise customers such as Google under long-term power purchase agreements.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Wind Electric Power Generation (221115), Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

akta.pro secondary industry

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

Keywords

• Renewable energy generation
• Independent power producer
• Wind farm development
• Solar farm operations
• Corporate power purchase agreements

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain

Revenue model

1. Renewable Energy Sales: Ilmatar generates revenue through the generation and sale of renewable electricity from wind farms and solar farms. As an Independent Power Producer (IPP), the company sells energy to industrial customers and grid operators under power purchase agreements.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Ilmatar is a Nordic Independent Power Producer that develops, owns, and operates utility-scale wind farms and solar farms in Finland and Sweden, currently operating six wind farms and one solar farm. The company generates and sells renewable electricity to large corporate customers and grid operators under long-term Power Purchase Agreements (PPAs), supporting their sustainability and carbon-reduction goals.

Product overview

Ilmatar is a Nordic independent power producer (IPP) focused on renewable energy generation, operating a portfolio of wind farms and solar farms across Finland and Sweden. The company develops, owns, and operates renewable energy assets including six wind farms and a solar farm, with a stated target of deploying over 1 GW of new wind energy capacity in Finland by 2027. Ilmatar serves commercial and industrial clients including Google, selling renewable energy to support their sustainability goals.

Differentiator

Problem solved

Functional benefit

Products and services

• Utility-Scale Wind Power Generation

Quantifiable outcome

• Over 1 GW of new wind energy capacity targeted in Finland by 2027

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Arise AB: Swedish wind power developer and operator with onshore wind projects primarily in Sweden and Norway. Closely comparable to Ilmatar's wind-focused Nordic IPP model, with a similar portfolio of developed and operated wind farms supplying contracted offtake.
• OX2: Swedish-headquartered renewable energy developer building onshore and offshore wind and solar across the Nordics and Europe. Directly comparable to Ilmatar as a Nordic-focused wind/solar developer selling to corporate PPAs and competing for the same project pipeline.
• Eolus Vind: Swedish wind power developer that develops, builds, and sells wind farms across the Nordics and internationally. Directly comparable to Ilmatar as a pure-play Nordic wind developer competing for the same sites, grid capacity, and PPA offtakers.
• wpd AG: Germany-headquartered developer and operator of onshore wind and solar parks across Europe. Comparable to Ilmatar as a European utility-scale wind/solar developer-owner with project finance-backed portfolios and corporate PPA strategy.
• Cloudberry Clean Energy: Norwegian renewable energy developer and power producer focused on wind and hydro assets in the Nordics. Closely comparable business model to Ilmatar with project development, ownership, and operation of Nordic renewable capacity sold under corporate and grid PPAs.
• European Energy A/S: Danish developer of utility-scale solar, wind, and Power-to-X projects across Europe. Comparable to Ilmatar as a Northern European renewable developer with a similar focus on building, owning, and operating wind/solar assets under long-term PPAs.
• Fred. Olsen Renewables: Norwegian renewable energy company developing and operating wind farms primarily in the Nordics and UK. Comparable to Ilmatar as a Nordic wind IPP with corporate PPA offtake and a similar utility-scale project development model.

Broad incumbents

• Fortum: Finnish state-influenced energy company with significant renewable generation (hydro, wind, solar) and power sales in the Nordics. Comparable as a Nordic power producer with renewable capacity and corporate PPA business, but with a much broader generation mix and larger balance sheet than Ilmatar.
• Vattenfall: Swedish state-owned utility with significant wind, solar, and hydro generation across the Nordics and Northern Europe. Comparable as a major Nordic renewable power producer and PPA offtaker, but operates as a vertically integrated incumbent rather than a focused Nordic IPP.
• Statkraft: Norwegian state-owned renewable energy major operating hydro, wind, and solar generation across the Nordics and Europe. Comparable as a large Nordic renewable power producer but with much broader portfolio, balance sheet, and grid scale than Ilmatar.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ilmatar