energyRe, an independent U.S. clean energy developer, announced that it 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. energyRe will leverage these strategic investments to advance its mission of decarbonizing American cities with abundant, affordable clean power and modern, well-connected electric grids.
The raise announced comprises committed capital investments in energyRe LLC from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. Glentra will leverage its track record 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 ambitious growth plan. In addition, 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 all of its expertise and experience in the development, construction, operation and maintenance of offshore transmission infrastructure; HVDC technology; transmission planning; and congestion management to the partnership. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
energyRe's diversified portfolio of renewable assets includes a development pipeline spanning seventeen 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.
energyRe is advancing several nation-leading renewable energy projects across the United States. energyRe 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. Clean Path NY is critical to advancing New York State's Climate Leadership and Community Protection Act, which mandates a zero-emission electricity sector by 2040, 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality. Upon operation, Clean Path NY 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 a development partner on the SOO Green HVDC Link—a first-of-its-kind, 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—enough to power more than 1.5 million homes. 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.
energyRe is a co-developer of Leading Light Wind—the only American-led offshore wind project with a lease in the New York Bight—which can power up to 1 million American homes with 2,400 MW of clean energy. As one of the only U.S.-based offshore wind developers in the world, energyRe is at the forefront of the burgeoning American offshore wind industry and well-positioned to advance robust domestic supply chains, workforce development pipelines, and manufacturing capabilities.
In 2022, energyRe acquired Southern Current, a South Carolina-based premier developer of solar and energy storage assets. In September 2022, energyRe launched Radial Power, a large-scale developer, owner, and operator of distributed clean energy systems with commercial & industrial (C&I) solar and storage solutions and electric vehicle charging.