EU-backed fund to channel millions into Southern European PV

Facebook
Twitter
LinkedIn
Reddit
Email
Taaleri's SolarWind II will focus on solar PV projects in Spain, Portugal, Greece but further Southern European locations may be considered (Credit: ABB)

Southern European PV is to reap a multi-million funding boost via an investment fund backed by strategic EU programmes.

SolarWind II Fund, the fifth of a series by Finland's Taaleri Energia, recently managed to secure €219 million (US$246 million) of its target of €300 million (US$338 million).

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The first close was backed by the European Investment Bank (EIB), who will commit a maximum €60 million (US$67 million) with guarantees from the European Commission’s EFSI strategic fund.

Taaleri’s new fund will invest in utility-scale renewables in Europe (80%) and the US (20%), deploying €20-50 million (US$22.5-56.3 million) of equity per transaction.

A source close to the investment manager told PV Tech 25% of SolarWind II’s pot could end up in solar projects, with the remainder used for wind plays.

The fund, the person added, will typically acquire controlling stakes in ready-to-build solar schemes. Spain, Portugal, Greece and other Southern European states will be the priority markets.

The scheme aims to control 850MW in wind and solar project stakes but the actual pipeline backed by Taaleri will be much bigger, as the fund will invest alongside others.

Fundraising for SolarWind II began last November and is set to end before summer 2020, the source said. The €300 million fund could accept up to €400 million (US$450 million) if there is enough demand.

The EIB aside, sponsors of the fund include pension funds, foundations, endowments, trade unions, family offices and individual investors that committed via Taaleri’s own private equity vehicles.

Taaleri’s fundraising push comes after its move to join Masdar among the backers of a 245MW solar PV project in Jordan, followed by a partnership to deploy in Central and Eastern Europe.

The Finnish group is one of a string recently lining up financing for solar plays, including Glennmont and Aquila. The year is proving solid so far for PV funding across the globe.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 19, 2024
SunPower said the decision was not made "lightly" and will consider options to support its mutual customers and collective business pipeline.
July 19, 2024
Sungrow has signed an agreement with Hero Group's renewables arm Hero Future Energies to supply 850MW of inverters.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.
July 18, 2024
EDP Renewables North America (EDPR NA) has inaugurated the 200MW/40MW  Scarlet I solar-plus-storage project in Fresno County, California.
July 18, 2024
The facility can process up to 100,000 tonnes of decommissioned solar modules per year that can reduce electronic waste sent to landfills.
July 18, 2024
The financing will be offered to two banks, as they will provide loans to developers and end-users to install rooftop solar systems.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA