Tages Capital has attracted repeat investment from a number of Italian insurance companies for its latest renewable energy infrastructure fund.

The Milan-based fund manager has secured follow-up commitments from Aviva, Posta Vita, Reale Mutua Assicurazioni and UnipolSai Assicurazioni, and Italian bank Intesa San Paolo.

Its first fund, Tages Helios, raised €253m from investors to invest in solar energy. Its portfolio of 95 photovoltaic (PV) plants mean it is now the second-largest player in the sector in Italy.

The follow-up fund, Tages Helios II, is intended to be larger and to include investment in wind farms.

It has held a first close with a view to eventually raising €400m.

The strategy will be to acquire a network of plants that have been established over the past five to six years, before improving operational and industrial efficiency, and carrying out debt refinancing.

Assets will be managed by Delos Power, a partnership between Tages Helios and renewables specialist Renam.

Umberto Quadrino, chairman of Tages Holding, said: “The success of this new venture proves the continuing interest of institutional investors in renewable energy, particularly in the PV sector.

“We still see plenty of consolidation opportunities in the Italian market, where only the largest players can drive efficiencies, a critical component for returns in the PV sector.”