EnergyRe’s $1.2 B for transmission development and renewables
The clean energy developer has raised a $1.2 billion capital package to support the expansion of its large-scale renewable energy portfolio.
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USA, New York: The clean energy developer has raised a $1.2 billion capital package to support the expansion of its large-scale renewable energy portfolio.
energyRe, an independent U.S. clean energy developer, has raised a $1.2 billion capital package to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The package includes committed capital investments in energyRe LLC from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. Glentra will leverage its experience in developing and constructing renewable energy assets in the U.S. to support the energyRe team in expanding its development pipeline and delivering on its growth plan.
Additionally, a firm agreement has been reached with Elia Group for the acquisition of a stake in a subsidiary of energyRe: energyRe Giga. The European transmission specialist will be offering its experience in the development, construction, operation and maintenance of offshore transmission infrastructure; HVDC technology; transmission planning; and congestion management to the partnership.
The company’s portfolio of renewable assets includes a development pipeline spanning 17 states and comprises more than 500 miles of high-voltage direct current (HVDC) transmission; 10.5 GW of solar, wind, and storage; and more than 155 MW of distributed generation. It is a partner on Clean Path NY, a public-private collaboration to develop 3,800 MW of new wind and solar power and a 175-mile, underground 1,300 MW HVDC transmission line. The project will deliver more than 7.5 million MWh of emissions-free energy annually and reduce fossil fuel-fired electric generation in New York by 22% per year on average.
energyRe is also a development partner on the SOO Green HVDC Link, a 350-mile interregional transmission line that will connect the midwestern (MISO) and eastern (PJM) power markets and enable the delivery of 2,100 MW of renewable energy. By delivering wind and solar power to the nation’s largest electricity market, SOO Green will significantly decarbonize the regional electric grid and enhance system reliability and resiliency.
Source: T&D World