January 9 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has committed up to 100 million euro ($109.6 million) for the latest fund of Finland-based renewables developer Taaleri Energia, in order to support the development of 800 MW of renewable capacity in the countries where the lender operates, including Southeast Europe.
The financial backing for the Taaleri SolarWind III fund is aimed at supporting the development of renewable energy in EBRD regions, where its share is still below the European average, EBRD said in a press release on Monday.
You can download the 2024 Renewable energy in Southeast Europe report here
The lender is already an anchor investor in Taaleri Energia's preceding fund, Taaleri SolarWind II, which held its final close in 2021 with 354 million euro in commitments, exceeding the original target. In Southeast Europe, Taaleri SolarWind II owns 50% of the 111 MW Zadar wind farm in Croatia.
Both Taaleri SolarWind II and Taaleri SolarWind III funds invest around half of their capital in projects in the Baltic states, Poland and Southeast Europe, Kai Rintala, Taaleri Energia managing director, said in the statement.
Taaleri SolarWind III will make equity investments in utility-scale onshore wind farms, solar photovoltaic parks and energy storage projects in Europe and the U.S. The fund held its second close at 430 million euro in December. Other investors include the European Investment Fund, Dutch insurer KBC Verzekeringen, Varma Mutual Pension Insurance Company and parent group Taaleri, a Helsinki-listed investment and asset manager. The fund now owns a pipeline of 61 projects, equivalent to 5.9 GW of net generation capacity.
The Taaleri SolarWind III Fund has set its hard cap at 900 million euro, the fund manager told SeeNews in May 2023 when the EBRD first announced its plans to back the new fund. The SEE countries targeted by the fund are Bulgaria, Croatia, Greece, Montenegro, Romania, Serbia and Slovenia.
Another fund, the Taaleri SolarWind I Fund, owns the 158 MW onshore wind farm in Cibuk, which is Serbia's largest.
Last year, Taaleri acquired the project special purpose vehicle for the construction of Gorichane and Prolez, two grid-connected wind projects of 80 MW combined capacity in northeastern Bulgaria.
($ = 0.9125 euro)