The Taaleri SolarWind II Fund is an infrastructure fund investing in ready-to-build, utility-scale wind and solar assets.
The Taaleri SolarWind II Fund has invested in a diversified portfolio of ready-to-build utility scale wind and solar assets in five key markets; the Nordics & Baltics, Poland, Southeast Europe, Iberia and Texas. It is estimated that the Fund will finance approximately 850 MW of renewable energy capacity, which will offset over 1 million tonnes of CO2 annually throughout the 30-year lifetime of the assets. The Fund has completed 11 investments and it is expected that the Fund will be fully invested by the end of 2022. The Fund has been closed and is no longer accepting new investors.
The Fund’s investors include the European Investment Bank, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company, the European Bank for Reconstruction and Development, Obligo Global Infrastuktur II Fund, the Finnish Church Pension Fund, the Nordic Environment Finance Corporation, the Taaleri Group, the Taaleri Energia team and a wide range of pension funds, foundations, endowments, and family offices.
The projects of the Taaleri SolarWind II fund have produced a total of approximately 1,900,000 megawatt hours (MWh) of clean electricity by the end of 2022, which has already reduced carbon dioxide emissions (CO2e) by approximately 630,000 tons by the end of 2022.
This Fund is a financial product, labelled as an Article 9 product according to EU SFDR regulation (2019/2088) and has an objective of making sustainable investments. The “do no significant harm” principle applies to all investments underlying the financial product, as they take into account the EU criteria for environmentally sustainable economic activities.
Statement on principal adverse impacts of investment decisions on sustainability factors
This fund is a financial product, labelled as an Article 9 product according to EU SFDR regulation (2019/2088). The fund’s investments do not cause any significant harm to any sustainability objectives defined in the EU Taxonomy (2020/852). This is ensured by a comprehensive internal and external due diligence assessment carried out prior to an investment decision. All target companies are committed to complying with the minimum safeguard criteria, and the implementation of these measures has been assessed before the investment decision is made. The fund invests in renewable energy projects, which help mitigate climate change.
The fund’s strategy is to make sustainable investments according to EU SFDR (2019/2088) and EU Taxonomy (2020/852) Regulation. All invested assets (100%) are allocated to sustainable investments with an environmental objective. All (100%) of the fund investments are EU Taxonomy (EU) 2020/852 aligned. The focus of the investment strategy is onshore wind farms and photovoltaic (PV) solar parks. The fund invests mainly in Europe and the United States. The fund contributes to CO2 emission offsets or avoidance and, under the EU Taxonomy, and is aligned with the substantial contribution criteria of the climate change mitigation objective. The Fund's strategy is to invest only in activities that make it possible to reduce or avoid CO2 emissions in accordance with Article 9, paragraph 3 of the SFDR regulation.
The fund’s sustainable investment objective, described in section: ”Sustainable investment objective of the financial product”, is monitored by collecting and reporting data on sustainability indicators related to measuring the investment’s contribution to the sustainability target of climate change mitigation. The fund investments’ performance related to these, and other sustainability-related indicators (e.g., principal adverse impact indicators) is monitored regularly and throughout the fund’s lifecycle.
The indicators that measure the fund's sustainable investment objective or characteristics have been determined based on the fund's strategy and goals. These sustainability indicators have been defined by evaluating which quantitative or qualitative quantities best describe the sustainability objectives of the financial product or the impacted sustainability factors, and which indicators best describe the characteristics of the investments in the fund. To ensure the availability of sustainability-related data, the reporting maturity of target companies is assessed as part of the fund’s due diligence analyses and considered as part of the investment decision. To achieve the sustainable investment objective, used and monitored data are collected from the investment targets quarterly and reported annually.
Investments’ lifecycle emission calculations are often based on partial forecasts, and use multipliers and estimates, which is why they always involve a small amount of uncertainty or inaccuracy. However, these estimates describe in enough detail the magnitude and scale of sustainability impacts, and thus sufficiently describe the attainment of the investment objective and do not hamper the attainment of these objectives.
To ensure that the target companies fulfill the criteria for sustainable investments, they undergo thorough ESG, technical, financial, commercial, tax and legal due diligence assessments. In addition, investees are required to commit to reporting financial information and to develop and put in place appropriate processes for managing and documenting good governance practices.
The engagement policies concerning the fund and its investees aim to ensure that the fund's sustainable investment objective is realised and that the fund nor its investments do not cause significant harm to the environment, society, or employees, and that the activities do not violate human or workers’ rights, nor participate in corruption and bribery. We regularly monitor and audit our own operations and those of our investment targets. No reference benchmark is designated for the purpose of attaining the sustainable investment objective of the financial product. Thus, the used sustainability indicators and investment targets fulfil the minimum standards common for EU climate transition benchmarks and EU Paris-aligned benchmarks and minimum standards for EU Paris-aligned benchmarks as defined in the (EU) 2020/1818 regulation. Target companies commit to setting and implementing science-based emission reduction plans to achieve net zero emissions by 2030.
The Taaleri SolarWind II fund has made eleven investments to date;
91 MW, 19 turbine wind farm in Finland (press release)
34 MW, 8 turbine wind farm in Norway (press release)
336 MW, 65 turbine wind farm in USA (press release)
51.4 MW, 24 turbine wind farm in Poland (press release)
126 MW, 21 turbine wind farm in Finland (press release)
126 MW, 21 turbine wind farm in Finland (press release)
50 MWp solar PV plant in Spain (press release)
49,5 MW, 9 turbine wind farm in Lithuania (press release)
70 MW, 13 turbine wind farm in Lithuania (press release)
66 MW, 12 turbine wind farm in Lithuania (press release)
Zadar wind farm, Croatia
111 MW, 25 turbine wind farm in Croatia (press release)