Second Tages renewables fund hits €120m first close

Tages Helios II is a successor to a €253m vehicle that closed in June 2017 and can also invest in wind assets.

Italian fund manager Tages Capital has secured €120 million in a first closing of its second solar fund, following re-ups from Aviva, Intesa Sanpaolo Vita and Unipol.

Tages Helios II is aiming for total commitments of about €400 million over the next 12 months. It will invest primarily in Italian solar plants that have become operational in the last five or six years. Unlike its predecessor, it also has room to buy wind assets, with up to 25 percent of the fund reserved for wind projects.

The first fund targeted returns of 8 percent; Tages confirmed the new vehicle will target returns between 8 and 10 percent.

Aviva and Intesa Sanpaolo subsidiary Equiter invested a total of €43 million in the first Tages fund, bringing it to a €253 million final close in June 2017. The fund had been aiming for €300 million. Earlier investors included pension groups Cassa Forense and Monte dei Paschi di Siena, Banca Consulia, Generalia, Unipol and Intesa Vita.

Unipol and Intesa Vita have recommitted in the first closing alongside Aviva and Reale Mutua Assicurazioni.

Tages had not responded to a request for a breakdown of the new commitments at the time of publication.

“We still see many opportunities for consolidation in the Italian market where photovoltaic parks – strategic infrastructure for our country – need strong efficiency action, which only large operators can guarantee,” said Umberto Quadrino, president of Tages Holding.

The 20-year first fund has invested in 95 assets with a total capacity of 208MW. The portfolio is the third largest in Italy’s fragmented market, behind the RTR portfolio recently acquired by F2i from Terra Firma and a joint platform between F2i and Enel.

The launch of Tages Helios in December 2015 represented Tages Capital’s first foray into infrastructure. The manager specialises in alternative funds management.