May 9 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is considering making an equity investment of up to 100 million euro ($109.8 million) in a recently launched fund of Finnish renewables developer Taaleri Energia, which is looking at acquiring and developing grid-scale projects in fourteen countries, including seven in Southeast Europe (SEE).
The proposed investment by EBRD will be aimed at assisting The Taaleri SolarWind III Fund to reach its targeted size, the lender said in a project notice on Monday. The SEE countries targeted by the fund are Bulgaria, Croatia, Greece, Montenegro, Romania, Serbia and Slovenia.
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The Taaleri SolarWind III Fund is targeting first close in June at 600 million euro, with the hard cap set at 900 million, Taaleri Energia head of investor relations Stephen Ross told SeeNews via email. The fund plans to invest around 50% of total investment commitments in utility-scale wind, solar and battery storage projects in the Nordic and Baltic countries, Poland and Southeast Europe, although no information on separate targets for the SEE region has been disclosed as yet, Ross added.
The EBRD investment is expected to be approved on June 28, according to the bank's notice.
Taaleri Energia's sixth renewable energy fund in 12 years intends to acquire, develop, contract, construct, operate and exit a portfolio of utility-scale onshore wind farms, solar photovoltaic parks and battery storage assets, with other target markets including Iberia and Texas, U.S. According to the Finnish company's website, the fund will target an internal rate of return (IRR) of 10% over its 10-year term.
The current Taaleri SolarWind II Fund has 1.8 GW under construction and operational wind and solar portfolio in Europe, including an investment in the 111 MW Zadar wind farm in Croatia. Through an earlier fund, the Finnish company also owns Serbia's largest onshore wind farm in Cibuk, of 158 MW in capacity. Taaleri completed a 205 million euro refinancing of Cibuk in September.
($ = 0.9108 euro)