Taaleri Energia Funds Management has raised €220m so far for an investment vehicle for wind and solar energy assets in Europe and the US totalling 850MW.
The first closing of the Taaleri SolarWind II Fund includes commitments from the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company and Taaleri.
The fund has a target size of €300m, with a €400m cap.
Individual investors have also supported the fund’s first close, investing through a fund managed by Taaleri Private Equity Funds.
Taaleri Energia said the fund will mainly target projects in Europe (80%), with the remainder in the US.
Taaleri Energia managing director Kai Rintala said: “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 €20-50m 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.”
Taaleri Energia head of investor relations Stephen Ross said: “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.”
European Commission vice-resident Jyrki Katainen and EIB vice-president Alexander Stubb said: “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.”