US-based clean energy developer energyRe has secured commitments to raise $1.2bn from investors including Glentra Capital, Novo Holdings and Danish pension fund PKA.
The capital commitment will help energyRe expand its large-scale renewable energy portfolio in the US, including utility-scale transmission and storage, onshore wind and solar generation, and offshore wind.
The package includes a mandated corporate debt facility, which will be provided by Santander and Deutsche Bank.
The company will leverage these investments to decarbonise US cities with affordable clean energy and modern grids.
In addition to investing in energyRe, Glentra will support the company to expand its development pipeline.
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The pipeline is spread across 17 US states along with more than 500 miles (804km) of high-voltage direct current (HVDC) transmission, 10.5GW in wind, solar and storage, and more than 155MW in distributed generation.
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By GlobalDataenergyRe CEO Miguel Prado stated: “energyRe is at the forefront of America’s energy transition and delivering the necessary renewable infrastructure to meet our urgent climate and sustainability goals. We are uniquely focused on decarbonising US cities and hard-to-abate energy load centres with state-of-the-art electric grids that unlock new sources of clean power across the country.
“These investments, as well as strategic synergies with our new and current partners, will support energyRe’s robust development pipeline as well as further innovation and expansion in our portfolio. This is a clear commitment from leading institutional investors who believe in energyRe’s mission, growth and momentum. We thank our partners and look forward to working together to meet America’s clean energy needs.”
Glentra managing partner Henrik Tordrup stated: “As a value-add investor in the energy transition, Glentra is delighted to invest in energyRe with like-minded investors. We have followed the company for several years and are big believers in their strategy and management team.
“The company is set for a valuable growth journey as they deliver their unique project pipeline and provide massive decarbonisation for hard-to-abate regions of America.”
The deal awaits regulatory approvals, with completion expected in the first quarter of 2024.
energyRe has also reached an agreement with Belgian utility Elia Group to sell a 35.1% stake in its subsidiary, energyRe Giga-Projects.
The Belgian company will deploy $400m into the unit over three years.
Elia will provide its expertise in the development, construction, operation and maintenance of offshore transmission infrastructure, HVDC and transmission planning to energyRe.
Elia Group interim CEO Catherine Vandenborre stated: “Through this agreement, Elia Group (via WindGrid USA) is entering the US markets alongside an established partner with a solid portfolio of projects. This partnership with energyRe Giga is part of Elia Group’s growth strategy in Europe and the United States, since the group is focused on expanding its activities abroad and strengthening the development of sustainable energy solutions.
“This partnership marks a strategic step towards Elia Group establishing itself as an internationally renowned expert in the field of electricity transmission.”
In August 2023, energyRe and its partner Invenergy submitted applications for a 2.4GW offshore wind project to the New Jersey Board of Public Utilities.
The wind farm will be located 40 miles (64km) offshore New York Bight.
