FINLAND – The European Bank for Reconstruction and Development (EBRD) is committing up to €100 million (US$109.43m) to Taaleri SolarWind III, a fund currently being raised by Taaleri Energia, a Finland-based fund manager.
This investment is expected to facilitate the construction of 800 MW of new renewable energy capacity across the economies in which the EBRD invests.
Taaleri Energia, a long-term client of the EBRD, has seen prior investment from the Bank in its predecessor fund, Taaleri SolarWind II.
The EBRD has also directly supported and co-financed renewable energy projects operated by Taaleri in the EBRD regions.
The Taaleri SolarWind III fund will focus on equity investments in utility-scale renewable energy projects, encompassing onshore wind farms, photovoltaic solar parks, and energy storage projects in Europe and the United States of America.
The EBRD’s investment in this fund will exclusively target greenfield renewable energy projects across the EBRD’s investee economies, including central Europe, the Baltic states, south-eastern Europe, and the Western Balkans.
Anne Fossemalle, EBRD Director of Equity Funds, expressed, “It is our pleasure to continue to partner with Taaleri Energia to scale up renewables and accelerate the energy transition in the EBRD’s economies. This investment will bolster power generation and diversify funding sources for renewable energy assets.”
Renewable energy generation in the economies where the EBRD operates lags behind the European average.
Greater investment in projects generating local, clean, and affordable energy is essential to secure power supply and reduce a longstanding dependence on fossil fuels for electricity production.
Additionally, investment in energy storage is crucial to partially address the intermittent nature of wind and solar generation.
Taaleri SolarWind III’s investments are anticipated to significantly contribute to the energy security of EBRD economies and aid in climate change mitigation by introducing substantial greenhouse gas emission reductions through increased renewable energy capacity installation.
The EBRD’s investment will further promote private-sector financing for renewable energy projects across the economies in which it operates.
These economies have often been overlooked by institutional investors due to their emerging investment landscape and higher perceived risk compared to Western Europe.
Kai Rintala, Taaleri Energia Managing Director, noted, “The EBRD is an anchor investor in both the Taaleri SolarWind II and Taaleri SolarWind III funds. These funds allocate around 50 percent of their capital to the Baltic states, Poland, and south-eastern Europe.
“The EBRD, with local country offices and networks in all these markets, is a valued partner, being one of the most experienced renewable energy debt and equity investors in the region.”
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