energyRe, a U.S.-based clean energy developer, has successfully raised a substantial $1.2 billion capital package to fuel the expansion of its extensive renewable energy portfolio. This strategic investment infusion is set to drive the growth of large-scale renewable energy projects across the United States, with a focus on modernizing electric grids and delivering abundant, cost-effective clean power to American cities.
The comprehensive raise involves committed capital investments from Glentra Capital, co-investors Novo Holdings, and Denmark-based pension fund PKA. Leveraging Glentra’s proven expertise in renewable energy asset development within the U.S., energyRe aims to bolster its development pipeline and execute an ambitious growth strategy.
The company has also inked a firm agreement with Elia Group, a European transmission specialist, to acquire a stake in a subsidiary: energyRe Giga. This partnership will harness Elia Group’s vast experience in offshore transmission infrastructure, HVDC technology, and transmission planning to bolster energyRe’s endeavors. Additionally, the capital package includes a corporate debt facility arranged by Santander and Deutsche Bank.
energyRe’s diversified portfolio encompasses utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The company’s development pipeline spans seventeen states, encompassing over 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.
Among its nation-leading projects, energyRe plays a pivotal role in Clean Path NY—a collaborative initiative aiming to develop 3,800 MW of new wind and solar power. This project also involves constructing a 175-mile underground 1,300 MW HVDC transmission line.
Clean Path NY aligns with New York State’s Climate Leadership and Community Protection Act, aiming for a zero-emission electricity sector by 2040 and 70 percent renewable energy generation by 2030. Once operational, Clean Path NY is expected to annually deliver over 7.5 million MWh of emissions-free energy and decrease fossil fuel-fired electric generation in New York by 22 percent per year on average.
energyRe is engaged in the SOO Green HVDC Link—a pioneering 350-mile interregional transmission line connecting the midwestern (MISO) and eastern (PJM) power markets. This initiative enables the delivery of 2,100 MW of renewable energy, substantially decarbonizing the regional electric grid and enhancing reliability and resiliency.
As a co-developer of Leading Light Wind — an offshore wind project in the New York Bight — energyRe aims to power up to 1 million American homes with 2,400 MW of clean energy. The company stands as a prominent American offshore wind developer, positioning itself at the forefront of the burgeoning offshore wind industry.
In 2022, energyRe acquired Southern Current, a premier South Carolina-based developer of solar and energy storage assets, and launched Radial Power — a large-scale developer, owner, and operator of distributed clean energy systems focusing on commercial & industrial (C&I) solar, storage solutions, and electric vehicle charging.