Italy-based asset management and banking company Tages Group announced that its solar fund Tages Helios has raised €55 million ($59.9 million) in its third financing round.
The foundation Fondazione Cariplo and Italian insurance company Eurovita joined the fund’s existing investors in the latest round. Tages Group has said that it will use the funds for further acquisition of solar power generation assets in Italy, without providing further details.
The fund has raised approximately €210 million through its three financing rounds. The fourth and final round is expected to be completed in June.
Tages Helios, which is Italy’s third largest PV fund, has a PV plant portfolio in the country comprising 60 plants with a combined capacity of 157 MW. All of these PV plants were acquired in August 2016, when the fund acquired through two different operations the Italian solar park portfolio of 9Ren (56 MW) and SunReserve (101 MW). The first transaction included investors such as Banca IMI, BNP Paribas – Italian Branch, Intesa SanPaolo, Natixis SA – Milan Branch, and UniCredit. The second operation was financed by large insurance companies such as Generali, Intesa Vita and Unipol, as well as other Italian investors including Cassa Forense, Monte dei Paschi di Siena Pension Fund, Banca Consulia and Banca Patrimoni Sella.
Tages Group added that the fund’s unit Delos Power, a joint venture with Renam Srl, has recently implemented a plan for the revamping of all these PV plants.
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