Tages Capital SGR announces the partial closing in excess of €104 mln for Tages Helios II, an alternative investment real estate fund dedicated to investments in the photovoltaic sector and other renewable energies in Italy (the “Fund”). The Fund has reached €252 mln of total assets. This is in line with the amount raised by Tages Helios I, which closed in January 2019 and is now fully invested.
Alongside the recent fundraising, the Fund continues to pursue investment opportunities. Most recently, it completed the acquisition of a 14.5 MW photovoltaic portfolio. The photovoltaic plants in the portfolio are located in Lombardy, Umbria and Piedmont and were connected to the grid between 2010 and 2011. The portfolio produces 20.5 GWh per year saving 10,104 tons of CO2.
With this acquisition, the portfolio of Tages Helios II now includes 10 plants, located in Piedmont, Lombardy, Lazio, Umbria and Sicily with a total capacity of 56MW.
Tages Helios II subscribers are predominately life insurance companies; the Fund meets the needs of life insurance companies with key features including decorrelation from equity and bond markets, limited volatility and attractive returns. These are main features that pension funds, bank foundations and family offices are also usually look for and as a result are showing increasing interest for the Fund.
Tages Capital SGR, as manager of Tages Helios I and Tages Helios II, currently holds a portfolio of 118 plants with a total installed capacity of 328 MW, thus confirming its position as the second largest photovoltaic player in Italy and actively contributing to the energy transition of Italy towards renewable energies. In 2019 the whole portfolio of Tages Helios I and Tages Helios II generated approximately 455 GWh per year, which is enough to meet the electricity needs of more than 168,520 households and an annual saving in the region of 224,200 tons of CO2.
Tages Helios II is expected to achieve two further closings over the coming months in order to achieve its asset raising target of €350 – 400 million
Umberto Quadrino, Chairman of Tages S.p.A., commented: “The consolidation process of the Italian photovoltaic market, which is still very fragmented, is continuing, and at the same time we expect a new wave of investments in renewable energy, particularly solar energy, in line with the provisions of the Integrated National Energy and Climate Plan (PNIEC), which calls for a tripling of the production capacity of solar energy and doubling that of wind power by 2030. We continue to work to take full advantage of market opportunities and be an integral part of the energy transition of our country through the offer of products which meet the needs of institutional investors”.
Milan, 2 March 2020