Taaleri’s SolarWind II Fund announces its first close at EUR 220 million

The first-close investors include the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, Taaleri Plc, the Taaleri Energia team and a wide range of pension funds, foundations, endowments and family offices. Individual investors were also strong supporters of the fund in the first close, investing through a fund managed by Taaleri Private Equity Funds.

With a significant number of Finnish and international investors in active due diligence, it is expected that there will be continued strong demand in future closings. The Taaleri SolarWind II fund has a target size of EUR 300 million and an agreed hard cap of EUR 400 million.

The Taaleri SolarWind II fund will invest in utility-scale wind and solar assets. The fund will invest in a diversified portfolio of predominantly ready-to-build assets in Europe (c.80%) and in the US (c.20%). It is estimated that the Taaleri SolarWind II fund will finance approximately 850 MW of renewable energy capacity, which will offset over 1 million tonnes of CO₂ annually throughout the 25+ year lifetime of the assets.

Taaleri Energia’s dedicated team of 25 people, including 10 engineers, is highly experienced in wind and solar project development, deal sourcing, technical due diligence, transaction execution, construction and operations. Taaleri Energia utilises and leverages its in-house development management, procurement, construction, investment and operational expertise to source attractive opportunities and to maximise the value of investments on behalf of its fund investors. Taaleri Energia was recognised as a “Consistent Top Performing Infrastructure Manager” in the 2019 Preqin Global Infrastructure League Tables, and a Taaleri SolarWind I fund wind farm investment was recently awarded with the 2018 IJ Global European Onshore Wind Transaction of the Year.

“We have an extensive active deal pipeline in our target markets, with two SolarWind II fund investments that have already been approved by the Investment Committee and that we fully expect to close in the coming months.  Our strategy is to invest approximately EUR 20-50 million equity tickets, but we can also execute larger deals through co-investments with our fund investors and other strategic partners. We are extremely happy with the investor interest and support that the fund has generated so far, and we look forward to putting that money to work,” comments Kai Rintala, Managing Director, Taaleri Energia.

“The Taaleri Energia team and the SolarWind II fund have been very well received by institutional investors. Fully commercial, subsidy-free, utility-scale wind and solar fund strategies can be highly effective impact investments with attractive infrastructure return characteristics, and we are delighted that so many investors have chosen to back our team and fund in the first close,” says Taaleri Energia’s Head of Investor Relations, Stephen Ross.

Vice-President of the European Commission Jyrki Katainen and EIB Vice-President Alexander Stubb added: “Our institutions’ support for Taaleri’s renewable energy fund is logical, as the energy transition is a key part of our planet’s sustainable future, and needs strong financial backing. Following the EU’s goal to increase the share of renewable energy, the European Investment Bank has been investing heavily in renewable energy generation. The support of the Investment Plan makes it possible for the EIB to support this goal through fund structures like Taaleri SolarWind II fund.”