Highlight 22 February 2024

Krogerus advises Ilmatar on securing project financing for Pahkakoski wind farm

Krogerus advises Ilmatar on securing long-term project financing for the significant-scale Pahkakoski wind farm from a syndicate of four lenders. Pahkakoski wind farm will have 30 turbines and is expected to generate renewable energy at a nominal capacity of approximately 200 MW once completed. The wind farm is scheduled to be operational by no later than 2026.

Ilmatar employs the TCI (Transport, Crane, and Installation) contracting model to optimize project progress. This model, commonly used in the United States, divides the traditional full-scope OEM (Original Equipment Manufacturer) delivery and installation between the wind turbine manufacturer and the TCI contractor. Pahkakoski wind farm will be one of the first large-scale projects in Europe built using the TCI contracting model.

The Krogerus team was led by Partner Heidi Kivenjuuri and she was primarily assisted by Senior Associates Riina Toivonen-Vuong and Kaarlo Hakkarainen and Associates Elina Terho, Venla Nummela and Risto Mynttinen. The due diligence and project agreements phases were led by Partners Ville Hailikari and Sami Laine, respectively, and they were mainly assisted by Counsel Essi Launonen and Associates Janne Helaskoski, Silja Piironen, Nelli Rönkkö, Ulla Jaatinen, Teemu Huhtala and Toni Kastell.

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