Clean energy developer EnergyRe has raised $1.2 billion to support expansion of its renewables portfolio, which includes utility-scale transmission and storage, onshore wind and solar development, and offshore wind projects.
Capital investments came from Glentra Capital along with co-investment from Noco Holdings and PKA, and a final agreement was also reached with European transmission specialist, Elia, through which the company will acquire a stake in energyRe’s subsidiary, energyRe Giga. Santander and Deutsche Bank will also arrange a mandated corporate debt facility as a part of the arranged capital package.
"EnergyRe is at the forefront of America's energy transition and delivering the necessary renewable infrastructure to meet our urgent climate and sustainability goals," said Miguel Prado, CEO of EnergyRe. "We are uniquely focused on decarbonizing U.S. cities and hard-to-abate energy load centers 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.”
Currently, EnergyRe’s portfolio includes over 500 miles of high-voltage direct current transmission -- a needed technology as renewables are integrated to the grid -- as well as 10.5 gigawatts of solar, wind, and storage capacity and more than 155 megawatts of distributed energy generation.
Among EnergyRe’s many renewables projects, the company is a development partner on the SOO Green HVDC Link project, which includes a 350-mile underground transmission line to connect midwestern and eastern United States power markets.
The project includes a number of environmental benefits beyond incorporating renewable energy into the grid, including cutting-edge construction and design strategies. For example, the transmission lines will be located along an operating railroad from Iowa to Illinois, allowing for additional security and safety in comparison to above-ground lines. Underground installation has also been found to avoid risks associated with climate change-related extreme weather events.
The company is also a co-developer of the Leading Light Wind project, an offshore wind project off the coast of New York and New Jersey that is expected to power up to a million U.S. homes with clean energy. The project features a survey program that works to minimize impacts on the environment, surrounding wildlife, and communities near the project’s development.
The newly raised funds may allow for new, similar EnergyRe projects to come to fruition in the future, supporting the U.S. in scaling up the country's clean energy supply.
