17.12.2020 | News
The Nordic Environment Finance Corporation (NEFCO) has signed an agreement with Finnish Taaleri Energia to invest capital in the fund manager’s fifth renewable energy fund, Taaleri SolarWind II. The aim is to co-finance the construction of solar and wind projects in Central and Eastern Europe and support the green transition in these areas.
The Taaleri SolarWind II fund invests in a diversified portfolio of solar and wind assets in Europe (80%) and the US (20%). It is estimated that the current EUR 320 million in fund commitments will finance up to 850 MW of renewable energy capacity, enough to supply electricity to over 500,000 households. The investments generated by the fund are estimated to reduce up to one million tonnes of CO2 emissions annually throughout their lifetime, which is estimated to be at least 25 years.
NEFCO’s investment, along with investments from the European Bank for Reconstruction and Development (EBRD), will be directed towards projects in the Central and Eastern European countries of Bulgaria, Croatia, Estonia, Greece, Hungary, Latvia, Lithuania, Montenegro, Poland, Romania and Serbia. The risk capital provided by the international financial institutions NEFCO and EBRD, with their strong experience in Central and Eastern Europe, will help to attract private sector investments into renewable energy projects in these regions.
“This is our fourth fund investment but our first in a fund exclusively investing in renewable energy projects and managed by a Nordic fund manager. We are very pleased to be cooperating with Taaleri Energia, which is an experienced fund manager that has a strong track record of investing in the sector and operating renewable energy plants,” commented Thor Thorsteinsson, Vice President Green Transition of Nordic SMEs at NEFCO, in connection with the signing.
Unlike many investment funds, Taaleri Energia is experienced within the whole investment life cycle since it has the capability to develop, procure, construct and operate its own projects to maximise the value of the assets on behalf of its investors. In Central and Eastern Europe, it has professionals with significant experience within the renewable energy sector.
“We are delighted that NEFCO has invested in the Taaleri SolarWind II CEE fund and value its experience in the region and strong commitment to accelerating the green energy transition,” said Stephen Ross, Head of Investor Relations at Taaleri Energia.
Currently, approx. EUR 320 million has been committed by investors into the Taaleri SolarWind II fund. Investors include the European Investment Bank (EIB), Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, the European Bank for Reconstruction and Development (EBRD), Taaleri Group, the Taaleri Energia team and a wide range of pension funds, foundations, endowments and family offices. The Taaleri SolarWind II fund will remain open to new investors until June 2021 and has a hard cap of EUR 400 million.
For further information
Visit www.nefco.int and www.taalerienergia.com
Thor Thorsteinsson, Vice President, Green Transition Nordic SMEs at NEFCO
thor.thorsteinsson@nefco.fi, M: +358 50 325 6553
Stephen Ross, Head of Investor Relations at Taaleri Energia
Stephen.Ross@taaleri.com, M: +358 40 733 7789
About Taaleri Energia
Taaleri Energia is a Helsinki-based renewable fund manager and developer. It has one of the largest dedicated wind and solar investment teams in Europe and currently manages a 1.6 GW portfolio of wind and solar assets. Taaleri Energia is part of the Taaleri Group, which is listed on the Nasdaq Helsinki stock exchange. Read more at www.taalerienergia.com