Danes fund US renewables player energyRe $1.2bn to advance huge pipeline
Developer to use capital to advance New York clean power HVDC transmission line and 2.1GW Leading Light offshore project
US renewables player energyRe announced Monday that it raised $1.2bn in capital from Danish investors including Glentra Capital, Novo Holdings, and pension fund PKA to advance its varied projects across the clean energy spectrum.
EnergyRe’s portfolio of renewable assets span seventeen states, including more than 500 miles (804km) of high-voltage direct current (HVDC) transmission, 10.5GW of solar, wind, and storage, and more than 155MW of distributed generation.
“EnergyRe's world-class renewable energy portfolio and team have earned the trust of institutional investors and are more ready than ever to advance the US transition,” said Jeff Blau, chairman and founding partner.
Henrik Tordrup, managing partner at Glentra, said they had been following energyRe “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,” Tordrup said.
The company also announced a “firm agreement” reached with Belgium-based Elia Group for the acquisition of a stake in its transmission subsidiary, energyRe Giga.
Elia will bring expertise and experience in the development, construction, operation and maintenance of offshore transmission infrastructure, HVDC technology, transmission planning, and congestion management to the partnership.
“Through this agreement, Elia Group (via WindGrid USA) is entering the US markets alongside an established partner with a solid portfolio of projects,” said Catherine Vandenborre, interim CEO of Elia Group.
“This partnership marks a strategic step towards Elia Group establishing itself as an internationally renowned expert in the field of electricity transmission,” Vandenborre added.
EnergyRe is a partner on Clean Path NY, a public-private collaboration to develop 3.8GW of new wind and solar power and a 175-mile, 1.3GW underground HVDC transmission line.