Taaleri holds EUR-286m first close on 6th renewable energy fund

Taaleri Energia has achieved a first closing of its sixth renewable energy fund, raising EUR 286 million (USD 311.4m) for investments utility-scale wind, solar and battery storage assets across Europe and the US.

The Helsinki-based renewables developer and fund manager said on Friday that the Taaleri SolarWind III Fund will open for new commitments throughout 2024.

The list of first-close investors includes the European Investment Fund, Varma Mutual Pension Insurance Company, Taaleri and the Taaleri Energia team. Through a fund managed by Akita Bank, commitments were also received from Finnish pension funds, foundations, endowments, family offices, and individual investors.

Taaleri SolarWind III Fund was launched in November 2022 and seeks to raise EUR 600 million, with its maximum size capped at EUR 900 million. The fund will operate in the Nordic and Baltic markets, Poland, Southeastern Europe, Iberia and Texas. The targeted internal rate of return (IRR) over its 10-year term is 10% net.

Taaleri’s fund will be seeded with a portfolio of 50 development projects totalling 7.7 GW that were acquired by Taaleri Energia during the past 18 months. Several of these schemes will become shovel-ready and will enter construction in 12 months.

“The demand for renewable energy projects across our target markets has increased significantly over recent years, with a marked additional increase in demand over the past 18 months,” said Kai Rintala, managing director of Taaleri Energia.

(EUR 1.0 = USD 1.089)

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