energyRe has raised $1.2 billion from European investors to help expand its portfolio of utility-scale transmission and renewable energy projects. (Source: Shutterstock)
U.S.-based energyRe, a clean energy project developer, said Dec. 4 it has raised $1.2 billion from European investors to help expand its portfolio of utility-scale transmission and renewable energy projects.
Glentra Capital, Novo Holdings and Denmark-based pension fund PKA are among the investors committing capital, according to a news release.
EnergyRe, which has headquarters in Houston and New York, is a partner in the public-private collaboration Clean Path NY, an $11 billion project targeting the development of 3.8 gigawatts (GW) of new solar and wind power along with a 175-mile, underground 1.3-GW high-voltage direct current transmission line. The company is also a development partner on the 350-mile SOO Green HVDC Link transmission line that will connect the midwestern and eastern power markets.
“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,” said energyRe CEO Miguel Prado. “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.”
EnergyRe’s portfolio of projects includes solar, wind and storage, plus distributed generation, the company said in a news release.
Elia Group, a Belgium-based electricity transmission player, also announced Dec. 4 it agreed to acquire a 35.1% stake in energyRe Giga. Elia Group’s WindGrid subsidiary will serve as the holding entity. Elia Group said it will deploy $400 million over three years into energyRe Giga projects.
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