Taaleri SolarWind II Fund reaches first close

Taaleri Energia Funds Management has held the first closing of its SolarWind II fund with total commitments of about EUR220 million (US$247 million).

The first close investors include the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, Taaleri plc, the Taaleri Energia team and a wide range of pension funds, foundations, endowments, trade unions, and family offices. Individual investors were also strong supporters of the fund in the first close, investing through a fund managed by Taaleri Private Equity Funds.

The Taaleri SolarWind II fund has a target size of EUR300 million (US$335 million) and an agreed hard cap of EUR400 million (US$447 million). The European Investment Bank will commit 25% of the fund size at each closing, up to a maximum total commitment of EUR60 million (US$67 million). The EIB's financing is guaranteed by the European Fund for Strategic Investments (EFSI), the core element of the Investment Plan for Europe, or Juncker Plan.

The Taaleri SolarWind II fund will invest in a diversified portfolio of predominantly ready-to-build utility-scale wind and solar assets in Europe (c.80%) and in the US (c.20%). We estimate that the Taaleri SolarWind II fund will finance approximately 850 MW of renewable energy capacity which will offset over 1 million tonnes of CO₂ annually throughout the 25 years plus life of the assets. The estimated impacts are calculated using the Fund's base case assumptions and CO₂ offsets are calculated using the European Investment Bank's methodology.