Sustainability review 2022 – a year of new projects, geographical expansions and a new CEO.
Sustainability review 2022
Download report
Highlights from the year 2022
Growth and Strategy Execution
Ilmatar experienced significant growth in 2022, advancing towards becoming a fully independent renewable energy company. Despite challenges like fluctuating electricity prices and supply chain disruptions, the company met its expansion goals.
Investment and Expansion
A major achievement was securing investments for new wind power projects and launching a solar power business. Construction began on wind farms at four sites in Finland (Karvia, Isojoki, Kristiinankaupunki, and Somero), totaling 23 turbines with a combined capacity of 131.8 MW. Additionally, Ilmatar started building its first industrial-scale solar farm in Joroinen, with a planned capacity of 5 MWp, making it the largest commercial solar farm in Finland connected to the public grid.
Geographical Expansion
The company expanded operations in Sweden and Åland, focusing on solar farm development in Sweden and building capabilities for offshore wind power in Åland.
New Growth Opportunities
Early 2023 saw new prospects for wind and solar investments in Finland and Sweden. Ilmatar also started exploring other renewable energy sectors, such as electricity storage and Power-to-X (P2X) technologies.
Financial Strategy
Recognizing the long-term importance of renewable energy, Ilmatar decided to strengthen its financial foundation to support future growth. The company aims to evolve from a Finnish wind energy business to a broader Nordic renewable energy producer.
Team Growth and Culture
The team expanded to 73 employees by the end of 2022. Employee satisfaction remained high, even amidst challenges like the pandemic. Ilmatar emphasizes maintaining a culture of accountability, innovation, and resilience.
New Leadership
A new CEO took over on January 1, 2023, with the goal of driving Ilmatar’s growth as a leading clean energy producer in the Nordics. The focus is on expanding in the onshore/offshore wind and solar power markets, supporting the broader transition to clean energy and electrification.
Commitment to Sustainability
Ilmatar reaffirmed its commitment to the UN Global Compact initiative, adhering to principles around human rights, labor, environment, and anti-corruption.
Vision for the Future
Ilmatar aims to capitalize on its current market position and continue growing in the Nordic emission-free electricity market, aiming to be “in the right place, at the right time” for the energy transition.
