July 10 (Renewables Now) - The energy unit of Finnish wealth manager Taaleri Plc (HEL:TAALA) today announced the first close of its SolarWind II Fund at about EUR 220 million (USD 247m).
Helsinki-based renewable energy developer Taaleri Energia Ltd said it expects this new fund, which is the company’s fifth in the field of renewable energy, to continue to draw strong demand in future closings. The target size of the SolarWind II Fund is EUR 300 million, with an agreed hard cap of EUR 400 million.
The fund is expected to finance some 850 MW of shovel-ready renewable energy projects, specifically utility-scale wind and solar assets in Europe (80%) and the US (20%).
“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,” said Kai Rintala, managing director at Taaleri Energia. Rintala added that the fund will seek to invest between EUR 20 million and EUR 50 million as part of a single transaction.
Among the first-close investors are the European Investment Bank (EIB), Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company and Taaleri Energia’s parent company itself. Various pension funds, foundations, endowments and family offices also made commitments.
(EUR 1.0 = USD 1.122)