Tages completes Tages Helios II fund FC

Tages Capital SGR has completed the first close of its second close-end reserved alternative real estate fund, investing in the renewable energy sector, Tages Helios II. 

With a target fund-raise of approximately EUR 400 million (US$454 million), the Fund ‘s objective is to replicate the success of the first Tages Helios fund (total assets of EUR 253 million). With 95 photovoltaic (PV) plants and a total power capacity of 208 Megawatts (MW), Tages Helios is now the second largest player in the PV sector in Italy. Besides its primary focus on Italian PV, the new fund will also be able to invest in wind farms.

In the photovoltaic sector, the fund will acquire a network of plants that have been established over the last five to six years. It will actively manage these assets with the support of Delos Group, targeting an increase in efficiency both in operational and industrial terms, as well as in financial terms through debt refinancing.

The plants’ management will be entrusted to Delos Power S.r.l. which has itself been specifically incorporated for this purpose. Delos Power is the result of a partnership signed between Tages Helios and Renam S.r.l, a core market participant in the sector of electricity generation from renewable sources, operating more than 300 MW.

At its first closing, Tages Helios II attracted the interest of many large institutional investors who also participated to the first fund. Commitments from investors such as of Aviva, Intesa San Paolo, Poste Vita, Reale Mutua Assicurazioni and UnipolSai Assicurazioni, illustrate the attractiveness of Tages Helios II to long-term investors such as insurance companies and pension funds.

In line with the previous fund, Tages Helios II will make semi-annual distributions of the income generated by the Fund. This will ensure full amortization of the invested assets by the expiry date of the Italian government fiscal incentives.