The Taaleri SolarWind II fund, managed by Helsinki-based Taaleri Energia Funds Management, has bought out the 34-megawatt Haram wind farm in western Norway.
A purchase price was not disclosed.
Construction is expected to commence soon and will feature eight 4.2-megawatt turbines with an installed capacity of 34 megawatts. Upon completion, the wind farm will produce approximately 112GWh annually, enough electricity to power 7,000 homes. It will also offset the equivalent of 14,000 tonnes of carbon dioxide during each year of operation.
“We are very satisfied with the second investment from the Taaleri SolarWind II fund,” said Kai Rintala, managing director of Taaleri Energia. “This investment in Norwegian wind is underpinned by the availability of commercial offtake contracts in one of the world’s most liquid power markets. It also demonstrates the value of our developer network and in-house technical expertise, as well as the strength of our deal pipeline and our ability to efficiently deploy the fund’s committed capital.”
In July, the Taaleri SolarWind II held a €220 million ($247 million) first close for the fund, which is targeting €300 million ($338 million). It is looking to invest in utility-scale wind and solar assets with a diversified portfolio of predominantly ready-to-build assets in Europe (80 percent) and in the United States (20 percent).
The fund is expected to finance approximately 850 megawatts of renewable energy capacity, which will offset over 1 million tons of CO2 annually throughout the 25+ year lifetime of the assets, according to Taaleri.
The Haram wind farm is located in the county of Møre og Romsdal, approximately 20 kilometers (12 miles) north of Ålesund, Norway. It was developed by Zephyr, which will continue as the construction management consultant and as the technical and commercial management provider during the operational phase. Taaleri Energia’s technical team will be responsible for data monitoring and analytics of the wind farm’s production. Vestas will be responsible for maintaining the turbines under a 27-year contract.
The wind farm is expected to reach full operations in the first quarter of 2021.