Helsinki, 2016-09-07 08:00 CEST (GLOBE NEWSWIRE) --
Finance house Taaleri Plc’s energy business segment has commenced operations. Taaleri Energia Oy, which forms the segment, will develop, build, finance and operate energy infrastructure assets. The company is targeting energy projects domestically as well as internationally and, in pursuit of this aim, the first cooperation agreements have been signed with Wärtsilä Corporation and ABB Oy respectively.
“At the moment, Taaleri is Finland’s second largest wind power producer. Cooperation with internationally renowned market participants is related to Taaleri’s most recent area of expansion in renewable energy - solar power. We will pursue energy production platforms globally providing Taaleri’s shareholders and clients with new investment opportunities at a time of increasing demand,” explains Taaleri Plc’s CEO, Juhani Elomaa.
Taaleri’s energy segment becomes operational
Dr. Kai Rintala from KPMG has been appointed to head Taaleri’s energy business. Rintala will act as Taaleri Energia Oy’s Managing Director. Rintala has over ten years’ of international experience in energy and infrastructure projects and transactions.
“In order to diversify risk, Taaleri Energia will make investments at different stages of energy projects across a number of geographies. Taaleri Energia will work in closely with our private equity funds business in order to provide our clients with investment opportunities with a long-term, stable and predictable return,” says Rintala.
“We will focus on projects and assets of industrial scale, EUR 20–100 million in size. Taaleri has studied solar opportunities also in Finland, but being able to connect production solely at the point of consumption significantly restricts project size.”
In addition to Rintala, Mikko Harju from KPMG, as Commercial Director, and Sami Kyntölä from Sivenius Suvanto & Co Ltd. attorneys, as Legal Director, and Petri Isotalus from Finnfund, as Investment Director will join Taaleri Energia Oy. Harju has over 15 years of international investment banking experience as well as in-depth expertise in energy sector M&A. Kyntölä has extensive experience in corporate and financing transactions related to electricity production and distribution, including wind power and other forms of renewable energy. Isotalus has over 10 years of experience in renewable energy investments across emerging markets, including industrial-scale solar projects.
Taaleri Plc’s existing renewable energy organisation will transfer into the new company. Taamir Fareed will serve as Taaleri Energia’s Technical Director, Erkki Kunnari as Operational Director, Olli Hagqvist as Production Manager, and Pauli Maaninka as Development Manager.
“Taaleri has accumulated considerable experience in renewable energy. We will utilise our in-house expertise and the new appointments will strengthen the team considerably. As the energy sector is going through a period of transition in the pursuit of global climate goals, to which Finland is committed to as well, a sustained investment into renewable energy is a must,” says CEO Juhani Elomaa.
Taaleri’s expansion in the energy sector is expected to increase the assets under management by Taaleri’s private equity funds, in addition to the existing funds, by approximately EUR 800 million in the next three years. The capital will be committed primarily to new investments made via the funds. Domestic and international acquisitions are also an option.
Taaleri Plc owns 79% of Taaleri Energia Oy’s shares and the executive management of the subsidiary a total of 21% of the shares. Taaleri’s energy business will be reported as an independent segment alongside asset management and financing businesses as of 1 July 2016.
Taaleri Energia signs independent cooperation agreements with Wärtsilä and ABB
Taaleri Energia’s first cooperation agreements have been signed with Wärtsilä plc and ABB Oy respectively. This is related to Taaleri’s energy business becoming increasingly international and expanding into new forms of energy production.
“It is important that we commence effectively with reputable companies that have the appropriate resources for major projects,” says Taaleri’s CEO Juhani Elomaa.
Wärtsilä will cooperate with Taaleri Energia in the development and construction of power plants. The cooperation is closely related to Wärtsilä’s growth in solar and hybrid production. Wärtsilä has delivered power plants in more than 170 countries.
”Wärtsilä supplies solar and hybrid power plants in excess of 10 megawatts. Our hybrid solutions bring reliability to solar energy production. Fluctuations in production can be balanced with gas and biofuel engines, for example. Wärtsilä supplies the plants on a turn-key basis,” says Stefan Nygård, Project Development Director, of Wärtsilä Corporation.
ABB is one of the world's leading component and sub-system suppliers for solar plants. ABB's offering covers all the components required in solar energy systems, excluding solar panels and cabling. Over four gigawatts of ABB's PVS range of photovoltaic inverters, developed in Finland, have been delivered globally. The expanding cooperation with ABB will focus on components and optimised sub-systems. In addition, ABB and Taaleri will utilise each others’ partner networks in order to identify new investment opportunities.
”Solar energy is a rapidly growing business for ABB. We see the collaboration with Taaleri Energia as an opportunity to solve our customers’ financing needs. Taaleri’s experience and expertise in renewable energy offers an excellent basis for the cooperation,” says Senior Vice President, Power Conversion, Timo Toissalo of ABB.
Kai Rintala, Managing Director, Taaleri Energia Oy, tel. 358 40 162 5711
Juhani Elomaa, CEO, Taaleri Plc, tel. 358 40 778 9020
Taaleri in brief
Taaleri is a financial house, whose parent company Taaleri Plc is listed on the stock exchange list maintained by Nasdaq Helsinki. The Taaleri Group consists of three business areas: Asset Management, Financing and Energy. Taaleri's services are directed at institutional investors, companies and private individuals. The Group's subsidiaries engaging in business are: Taaleri Wealth Management and its subsidiaries, Taaleri Private Equity Funds Ltd Group, Taaleri Investments Ltd Group, Taaleri Energia Oy and Garantia Insurance Company Ltd. In addition, Taaleri has associated companies Fellow Finance Plc, which offers peer loan services, and Inderes Oy, which produces analyses and media contents for investors.
At the end of June 2016, Taaleri had EUR 4,2 billion of administered funds and 3,600 asset management customers. Taaleri Plc has approximately 2,600 shareholders. The operations of Taaleri are monitored by the Finnish Financial Supervisory Authority.
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