The third round of subscriptions saw participation from existing investors as well as approximately half of the newly committed capital coming from new subscribers including major Italian institutional investors such as Fondazione Cariplo and Eur ovita . Tages Helios also attracted several important family office investors who have recognised the value and the quality of the acquired assets and their prospect ive returns which have a target annual IRR in excess of 8%.

With a portfolio of 60 facilities and an installed power totaling 157 MW, Tages Helios is the third largest operator in the Italian photovoltaic sector thus confirming its objective to contribute significantly to the consolidation of the Italian market. Th e fund’ s assets have been invested across a brief timescale thanks to the acquisition of the 9Ren and SunReserve portfolios in August of 2016.

Together with Delos Power, a company formed from a partnership between Tages and Renam Srl and a major operator in the management of Italian renewable energy installations, Tages Helios has recently completed significant work to improve the efficiency of the installations as well as strengthening its management team with the recent appointment of Massimo Travella as Managing Director of Delos Power.

A fourth and final fund clos e is expected by June 2017.

“We are delighted that major insurance companies and prestigious financial institutions have confir med their trust in Tages Helios and our management team by participating in the third capital raising round. In less than a year , Tages Helios has developed an increasingly important role in the Italian photovoltaic market, demonstrating that it is capable of remunerati ng its investors in line with its declared objectives. Thanks to its distinctive characteristics , Tages Helios has also attracted interest from family offices”, according to Umberto Quadrino, Chairman of Tages Holding, “The fund has identified new investment opportunities in photovoltaic portfolios and looks forward to investing the fresh capital”.

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