Our story

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 across the skies and lays an egg 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, goddess of the air
Ilmatar, painting by Robert Wilhelm Ekman, 1860

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

It all started in 2011 with wind power. Kalle Pykälä and Mikko Toivanen founded a company called Ilmatar Windpower, being among the first actors in wind power Finland. They wanted to join in the efforts to create a new, more sustainable, world, much like the mythical goddess Ilmatar in the Finnish epic folk tale Kalevala. The first projects started already in the end of 2011.

Between 2012 and 2018 company started to take its form. Among others, Ilmatar became the first Finnish Company to raise non-recourse project financing for a wind project in 2013. Ilmatar Service is launched in 2014 and collaboration started with EDF on Finnish co-development projects. 

The company continued development activity despite industry outlook becoming more uncertain as feed-in-tariff ended. In 2018, Ilmatar Windpower partnered with Omnes Capital and a JV, Ilmatar Energy, was launched. Omnes brought capital and international expertise to Ilmatar. Also, Piiparinmäki project rights were acquired from Metsähallitus in 2018.

In 2019, we left our classic project developer profile and expanded its vision through a new strategy. Our current goal is to own and operate one of the world’s largest renewable energy production capacities in Finland and the rest of the Nordics.

Since 2020, we have grown into a full-scale Independent Power Producer (IPP) and energy company that develops, builds and operates renewable energy production. Solar power as one of the fastest growing energy production methods has become to balance the wind power production on days with less wind. The role of energy storage is growing all the time. We plan and develop offshore wind farms. We have expanded from mainland Finland to Åland and Sweden.

The driving force of Ilmatar is to keep cutting edge. For us, clean and renewable energy is more than a commodity. The transition towards clean energy is crucial for mitigating climate change. Energy production must be emission-free and thoroughly sustainable. We strive to spearhead this transition and to rewrite the rules for long-term value creation on the local and the national level.

Ownership of the company

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

Over the years our portfolio has expanded