energyRe has raised a $1.2 billion capital package to support the expansion of its large-scale renewable portfolio.
The portfolio, comprising utility-scale transmission and storage, onshore wind and solar generation, as well as offshore wind, will leverage these investments to advance its stated mission of decarbonizing U.S. cities.
“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 U.S. transition,” says Jeff Blau, energyRe’s chairman and founding partner. “We look forward to leveraging our experience and expertise to deliver reliable clean power and advance a sustainable, carbon-free American future.”
The package is composed of committed capital investments 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’s growth plan.
Additionally, Ella Group has acquired a stake in energyRe and will be offering its expertise 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.