Finnish funding and wealth management company Taaleri Energia Funds Management has raised €220 million thus far for investment into wind and solar energy assets in the US and Europe totalling 850MW.
Thus far, the fund has received commitments from organisations such as the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company and Taaleri.
The fund has a target of €300 million.
Private sector investments are also encouraged via Taaleri Private Equity Funds, and will focus mostly (80%) on European projects, with the remaining portion focussed on the US.
Taaleri Energia managing director Kai Rintala said: “We have an extensive active deal pipeline in our target markets, with two SolarWind II fund investments that have already been approved by the Investment Committee and that we fully expect to close in the coming months.
“Our strategy is to invest approximately €20-50m equity tickets, but we can also execute larger deals through co-investments with our fund investors and other strategic partners.
“We are extremely happy with the investor interest and support that the fund has generated so far, and we look forward to putting that money to work.”
Taaleri Energia head of investor relations Stephen Ross said: “The Taaleri Energia team and the SolarWind II fund have been very well received by institutional investors.
“Fully commercial, subsidy-free, utility-scale wind and solar fund strategies can be highly effective impact investments with attractive infrastructure return characteristics, and we are delighted that so many investors have chosen to back our team and fund in the first close.”