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Taaleri: Second close of Solar Wind III at EUR 430m - Nordea

Taaleri announced today the second close of its new flagship fund Solar Wind III with EUR 430m of commitments. Target size of the fund is EUR 600m with hard cap of EUR 900m. We have anticipated EUR 400m at the second close and EUR 700m in 2025E. First close was made in July 2023 with EUR 286m of commitments. The fund remain open for new commitments until at least December 2024. Fund targets net IRR of above 10% over its 10-year term and has currently 61 development projects with 5.9GW net generation capacity. We view the announcement as encouraging when considering the current fundraising environment and believe the company can reach around EUR 700m commitments by 2025E. For Q4E, the second close will likely support continuing earnings through catch up (we model 11% q/q increase in Renewable energy continuing earnings).

Taaleri announced today the second close of its new flagship fund Solar Wind III with EUR 430m of commitments. Target size of the fund is EUR 600m with hard cap of EUR 900m. We have anticipated EUR 400m at the second close and EUR 700m in 2025E. First close was made in July 2023 with EUR 286m of commitments. The fund remain open for new commitments until at least December 2024. Fund targets net IRR of above 10% over its 10-year term and has currently 61 development projects with 5.9GW net generation capacity. We view the announcement as encouraging when considering the current fundraising environment and believe the company can reach around EUR 700m commitments by 2025E. For Q4E, the second close will likely support continuing earnings through catch up (we model 11% q/q increase in Renewable energy continuing earnings).
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