Our story

The name Ilmatar — Goddess of the air

We have borrowed our company name from the goddess of air, Ilmatar, in the Finnish national epic Kalevala. In the epic saga, Ilmatar lands in the primordial sea and is impregnated by the wind. A scaup flies over the primordial sea and lays its eggs on her knee. Out of the egg are born the sun, the earth, the heavens, the moon and the stars.

Like Ilmatar, we hope to create a new world – a world where we can live with nature instead of against it.

Ilmatar, painting by Robert Wilhelm Ekman, 1860

Exclusively renewable energy since the founding of the company — Our company history

Everything began with wind power in 2011. Ilmatar was founded by Kalle Pykälä and Mikko Toivanen, making us one of the first players in the sector in Finland. We wanted to join forces to promote a more sustainable world—much like the mystical goddess Ilmatar in the Finnish national epic, Kalevala. Our first project was launched at the end of 2011.

Between 2012 and 2018, we developed our operations and shaped our role as the market evolved. In 2013, we became the first Finnish company to secure project financing for a wind power project without a parent company guarantee. In 2014, we established Ilmatar Service, and our collaboration with Électricité de France (EDF) on co-development projects in Finland began.

We continued our development work even as market conditions became more uncertain following the end of the feed-in tariff scheme. In 2018, we partnered with Omnes Capital, leading to the creation of the joint venture Ilmatar Energy. Omnes brought both capital and international experience. The same year, we acquired the rights to the Piiparinmäki project from Metsähallitus.

In 2019, we expanded our direction and moved beyond the role of a pure project developer towards becoming also an owner and producer of renewable energy. At the same time, we made bold business initiatives: we expanded into consumer and offshore wind businesses as well as solar development in Sweden. Based on these experiences, we have since refined our strategic focus and concentrated on our core businesses, where we can best leverage our expertise.

Since 2020, we have grown into a full-scale independent power producer (IPP), developing, building, and operating renewable energy production. In 2021, we established our own power trading team, which optimises our energy portfolio and actively participates in the Nord Pool day-ahead and intraday markets, as well as balancing and reserve markets.

We are driven by a desire to stay at the forefront of development. For us, clean and renewable energy is more than a commodity—it is a key part of the solution to mitigating climate change. Energy production must be emission-free and sustainable. We aim to play a leading role in this transition and to create long-term value both locally and nationally.

Ownership of the company

Ilmatar is owned by funds managed by Omnes Capital, its founders, private investors and company’s personnel.

From Wind Power Developer to IPP and Nordic Energy Company

Ilmatar’s Development Over Time

Company founded

2011

Ilmatar Windpower is founded in 2011 by Mikko Toivanen and Kalle Pykälä.

Startup and Growth

2012-2013

The Luhanka project with six turbines is completed and sold to Swiss Susi Partners.

Ilmatar becomes the first Finnish Company to receive non-recourse project financing for a wind project.

TCM Operations Begin

2014-2015

Ilmatar Service is launched as the first independent provider of technical and commercial management services for wind farms in Finland.

Uncertain Future Outlook

2017

Ilmatar makes a final investment decision and sells the Tetrituuli and Muntila wind farms.

The wind power industry faces uncertain prospects as the feed-in tariff system is phased out.

Ilmatar Energy Established

2018

Ilmatar Windpower begins a collaboration with Omnes Capital and the joint venture Ilmatar Energy is established.

Project rights for the Piiparinmäki wind farm are acquired from the Finnish Forest Agency.

PPA with Google

2019

The Piiparinmäki project, with 211 MW capacity, reaches a final investment decision, backed by a PPA agreement with Google. The project is sold to Glenmont Partners. The wind farm was the first fully merchant, utility-scale wind farm in Europe.

Moving Towards IPP

2020

The company changes strategy and aims to become an IPP – independent power producer.

Construction begins for the first 72 MW of owned capacity at the Humppila-Urjala and Rasakangas wind farms, supported by PPA’s with Neste and Borealis.

New and Strengthened Partnerships

2021

The 216 MW Alajärvi project reaches a final investment decision, and 49% is sold to Japanese Kansai, backed by two separate energy purchase agreements.

Strengthened financing from Omnes-managed funds, 250 MEUR, to implement the IPP strategy.

Ilmatar launches its own power trading operations.

Business Expands

2022

The Elias project, comprising four wind farms with a total capacity of 134 MW, reaches a final investment decision, as does Ilmatar’s first solar park in Joroinen.

A subsidiary is established in Sweden for the development of large-scale solar energy, and in Åland for the development of offshore wind power.

Strong Growth

2023

Ilmatar begins development of the first hybrid parks, completes 59 wind turbines, and tops the list of wind power developers in Finland.

The company discontinues its consumer electricity sales.

The company’s in-house 24/7 Intraday Trading Desk is established to optimize energy sales.

Construction begins for the Korpilevonmäki wind farm, 38.4 MW, supported by an energy purchase agreement. The final investment decision for the Pahkakoski wind farm is made, also backed by an energy purchase agreement.

From Growth to Profitability

2024

Ilmatar’s 36-turbine (221 MW) Alajärvi wind farm enters commercial operation.

The company updates its strategy due to the challenging market conditions.

Ilmatar decides to pause the unprofitable projects until further notice.

The company pauses the development of offshore wind power.

A year of recovery and strengthening

2025

Commercial electricity production begins at the Korpilevonmäki and Pahkakoski wind farms.

The company’s first battery storage facility, Ainola, is completed in connection with the Piiparinmäki wind farm. The battery storage and the wind farm operate as independent units.