Translation: Original published in Finnish on 1/9/2026 at 7:24 am EET.

Taaleri announced that its SolarWind III fund has reached its final size of 630 MEUR in its last fundraising round. The final size of the fund slightly exceeded our estimates and supports the growth outlook for the Renewable Energy segment.

Fundraising was ultimately successful

Taaleri Energy's sixth renewable energy fund, Taaleri SolarWind III, has reached a size of 630 MEUR in its final fundraising round. However, 74 MEUR of this amount consisted of co-investments, from which the fund management company typically does not receive a management fee. Even after this adjustment, the fund's final size exceeded our forecast by approximately 7%, so we believe the final push in fundraising was successful, especially considering the persistently challenging fundraising market. With the final closing being slightly larger than we expected, there is also some upward pressure on our revenue and earnings forecasts for the coming years. However, this is more strongly explained by non-recurring income items, as, according to the fund's rules, investors joining later pay management fees retroactively for the fund's entire operating period.

The next fund is expected in 2027

The SolarWind 3 fund was ultimately almost 80% larger than its predecessor (including co-investments), which instills confidence in the future growth of the business. The fund has so far made investments totaling around 360 MEUR and is expected to be fully invested within 18-24 months. Thus, we believe the company is well positioned for the first closing of the next fund during 2027, which our current forecasts also anticipate. Taaleri has announced a target size of 800 MEUR for the next fund.