Taaleri SolarWind III Fund reaches final close at US$733 million

The Taaleri SolarWind III Fund, Taaleri Energia’s sixth renewable energy fund, has reached final close with EUR 630 million (US$733 million) in total commitments (including EUR 74 million (US$86 million) in co-investment commitments).

The Fund has a value-add investment strategy to acquire, develop, contract, construct, operate and exit a portfolio of utility-scale onshore wind farms, solar parks and battery energy storage system (BESS) assets. The Fund’s main target markets are the Nordics, the Baltics, Poland, Southeast Europe and Spain, with selective investments in the United States (Texas). The Fund has to date made investment commitments totalling EUR 360 million, including:

• 50 development stage wind, solar and BESS projects (7 GW)
• BESS, Finland (36 MWh, operational)
• BESS, Texas (200 MWh, under construction)
• Wind, Serbia (154 MW, under construction)
• Solar, Finland (129 MWp, under construction)
• Wind, Latvia (112 MW, under construction)
• Wind + BESS, Lithuania (45 MW + 36 MWh, under construction)

The Fund is expected to be fully invested in the next 18-24 months. 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 (in partnership with EIF), SmartCap, Varma Mutual Pension Insurance Company, VBV Pensionskasse, and other European institutional investors. Finnish pension funds, foundations, endowments, family offices and individual investors are also strong supporters of the Fund, investing through a fund managed by Aktia Bank.