Finnish outfit Taaleri Energia Funds Management has completed the second closing of its SolarWind 2 fund with about €275m in commitments.
The second-close investors include the European Bank for Reconstruction and Development (EBRD), institutional and high net worth investors, the Taaleri Group and the Taaleri Energia team.
EBRD will commit 10% at each closing, up to a maximum of €40m, via a newly established parallel fund, the Taaleri SolarWind 2 CEE fund.
This parallel fund will invest alongside the main fund in investments in the Baltics, Poland and south-east Europe.
The Taaleri SolarWind 2 fund has a target size of €300m and an agreed hard cap of €400m.
It invests in utility-scale wind and solar assets, with 80% planned to be in Europe and 20% in the US.
In total, about 850MW of projects will be financed by the fund, Taaleri Energia Funds Management said.
Taaleri Energia managing director Kai Rintala said: “We are delighted to welcome EBRD to our fund. EBRD have a strong presence with considerable experience in renewable energy financing in their countries of operation.
“Together with our exclusive joint venture with Masdar, we feel that we have assembled a very strong team for this region.
“We have an extensive active deal pipeline across all of our target markets and have already completed the first two investments from the fund in ready-to-build onshore wind projects in Finland and Norway. We expect this investment pace to continue in 2020.”