The Taaleri SolarWind 3 Fund has reached a final close with €630 million in total commitments, including €74 million in co-investment commitments.
The fund has a value-add strategy covering acquisition, development, contracting, construction, operation and exit of onshore wind, solar and battery energy storage system assets across the Nordics, the Baltics, Poland, southeast Europe, Spain and selectively Texas, according to the company.
It has so far made investment commitments totalling €360 million, including 50 development-stage projects totalling 7GW and a series of BESS, wind and solar investments in Finland, Texas, Serbia, Finland, Latvia and Lithuania, stated Taaleri Energia.
“We are delighted by the strong interest the Taaleri SolarWind 3 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. We sincerely thank all new and returning investors for their commitments,” said Stephen Ross, head of investor relations at Taaleri Energia.
“We appreciate the trust placed in us by our investors and we are pleased with our execution of the Fund strategy thus far. Looking forward, the Fund has a strong development portfolio that gives us confidence in our ability to continue to invest in attractive construction projects,” added Kai Rintala, managing director at Taaleri Energia.
The fund’s investors include Erste Group Bank AG, the European Bank for Reconstruction and Development, the European Investment Fund, Ilmarinen Mutual Pension Insurance Company, KBC Verzekeringen, SmartCap, Varma Mutual Pension Insurance Company, VBV Pensionskasse and other European institutional investors.
Finnish pension funds, foundations, endowments, family offices and individuals also invest through a fund managed by Aktia Bank.
The fund is classified as Article 9 under Sustainable Finance Disclosure Regulation (SFDR) and benefits from support from the European Union under the InvestEU Fund and from SmartCap’s Green Fund financed by EU NextGenerationEU Recovery and Resilience Facility funds.