The Taaleri SolarWind III Fund commitments have reached a final close of €630m ($736.28m), including €74m in co-investment commitments, marking a key milestone for Taaleri Energia’s sixth renewable energy fund.
The fund will invest in utility-scale onshore wind projects, solar parks and battery energy storage system (BESS) assets.
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It follows a value-add strategy that covers the full project life cycle, from acquisition and development through contracting, construction, operations and eventual exit.
Its primary focus markets are the Nordics, Poland, the Baltics, south-east Europe and Spain, with select allocations also planned for Texas.
The fund has committed a total of €360m in investments to date.
This amount covers 50 wind, solar and BESS projects, representing a combined capacity of 7GW.
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By GlobalDataKey projects comprise a 36 megawatt-hour (MWh) operational BESS in Finland and a 200MWh BESS currently being built in Texas.
Additional developments include a 154MW wind farm in Serbia, a 129 megawatt-peak solar plant in Finland, a 112MW wind project in Latvia, and a combined 45MW wind and 36MWh BESS facility in Lithuania, all under construction.
The fund is scheduled to be fully deployed over the next 18–24 months.
Taaleri Energia investor relations head Stephen Ross said: “We are delighted by the strong interest the Taaleri SolarWind III Fund has attracted from a broad range of institutional investors. At almost twice the size of its predecessor, the Fund welcomed new investors from Austria, Belgium, Bulgaria, Estonia, Finland, France, Romania, Spain and Switzerland.”
The fund’s investors include Erste Group Bank, the European Bank for Reconstruction and Development, the European Investment Fund, Ilmarinen Mutual Pension Insurance Company, KBC Verzekeringen (together with EIF), SmartCap, Varma Mutual Pension Insurance Company, VBV Pensionskasse, and other institutional investors in Europe.
Finnish pension funds, endowments, foundations and family offices, along with individual investors, also represent an important part of the investor group, investing via an Aktia Bank-managed fund.
Taaleri SolarWind III Fund is designated as an Article 9 fund under the Sustainable Finance Disclosure Regulation.
It also receives backing from the EU through the InvestEU Fund, and SmartCap’s Green Fund is financed by the EU’s NextGenerationEU Recovery and Resilience Facility.
