Denmark’s Industriens Pension has taken part in a €200m capital-raising exercise for Finnish renewable energy company Ilmatar Energy, which was led by French private equity firm Omnes Capital.
The pension fund told IPE Real Assets it had invested a total of DKK400m (€54m), which included a direct investment in a fund managed by Omnes Capital fund and co-investment capital.
“It is one of a number of our recent investments in infrastructure funds with a focus on renewable energy,” a spokesman for Industriens Pension said.
“We are constantly looking at good investments in infrastructure, including renewable energy, which play an important role in our infrastructure programme.”
Ilmataar Energy said Omnes Capital had been its majority shareholder since 2018, and that the financing round would help the energy firm to deploy more than 1GW of new energy capacity by 2027.
Juha Sarsama, CEO of Ilmatar Energy, said: “This proves our exceptional capability to operate in every part of the renewable energy value chain and the experience that Ilmatar has in the field.”
The company said the capital injection would enable it to become a leading independent power producer in the Finnish energy market, with its CEO adding that this meant it would own all the projects it developed.
Michael Pollan, partner at Omnes Capital, said his firm’s goal was to support developers that were well acquainted with their local market to develop into leading independent power producers.
“Ilmatar’s ambition and successful track record allowed us to secure significant long-term funding from leading investors whom we wish to thank for their commitment to this exciting opportunity,” he said.