TAALERI ENERGIA PRESS RELEASE 16 AUGUST 2022 AT 11:00 (EEST)
Taaleri SolarWind II fund invests in a wind farm in Croatia with a capacity of 111 MW
The Taaleri SolarWind II fund has, together with Encro, acquired 100% percent ownership of the Zadar wind farm. Encro is the original developer and the largest wind energy producer and developer in Croatia.
The Zadar wind farm is located in the county of Zadar, around 300 km south-west of the capital city Zagreb.
With a total of 25 Nordex wind turbines, the wind farm will have an installed capacity of 111 MW. The annual production of electricity supplied to the Croation grid will be approximately 317 GWh, while the wind farm will produce enough electricity to supply around 85 000 households and will offset the equivalent of approximately 78 000 tonnes of carbon dioxide during each year of operation.
Construction works on the Zadar wind farm commenced in Q2 2021. The wind farm is expected to be fully operational in Q4 2023.
The wind farm project was developed by Encro, which is also providing Construction Management services during the construction phase, and Technical and Commercial Management services during the operational phase. Nordex will be responsible for maintaining the turbines under a 30-year contract.
The wind farm is planning to enter into a long-term power purchase agreement for a substantial proportion of the electricity generated. Project financing for this investment has been provided by a consortium of lenders including Zagrebačka Banka (owned by UniCredit), the Croatian Bank for Reconstruction and Development (HBOR), and the European Bank for Reconstruction and Development (EBRD).
“We are delighted to be entering the Croatian market with our partners from Encro. Croatia has excellent renewable energy resources, and we are pleased to play a role in helping to expand Croatia’s energy independence. The Zadar wind project brings the number of investments from the Taaleri SolarWind II fund to eleven and demonstrates our continued commitment to Southeast Europe as a key target market for our current and future renewable energy funds”, said Taaleri Energia’s Managing Director, Kai Rintala.
“Encro is pleased to have Taaleri Energia as a partner on the Zadar wind project, after having had the chance to develop a close working relationship with our colleagues from Taaleri during the past several years,” said Iljko Ćurić, Managing Director of Encro.
About the Taaleri SolarWind II fund
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. To date the fund has completed 11 investments and it is expected that the fund will be fully invested by the end of 2022.
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.
About Taaleri Energia
Taaleri Energia is a renewable energy developer and fund manager. With 43 professionals, Taaleri Energia has one of the largest dedicated wind and solar investment teams in Europe. The team is currently investing its fifth renewable energy fund, the Taaleri SolarWind II fund, and has a 2.8 GW wind and solar portfolio in Europe, the US, and the Middle East.
Taaleri Energia is ranked by Preqin as one of the most consistent top performing infrastructure fund managers. Taaleri Energia is part of the Taaleri Group, which is listed on the Nasdaq Helsinki stock exchange.
For more information, please contact:
Kai Rintala, Managing Director, Taaleri Energia, +358 40 162 5711, firstname.lastname@example.org
Stephen Ross, Head of Investor Relations, Taaleri Energia, +358 40 733 7789, email@example.com