A clean energy company headquartered in the heart of Texas oil country aims to expand its holdings following a funding round that netted more than $1 billion. The company, Houston-based energyRe, provides clean energy solutions in utility-scale transmission, onshore wind and solar, offshore wind, energy storage, and distributed generation.
In December 2023, energyRe announced that it raised $1.2 billion to support expansion across its portfolio. The funding round included investments from a trio of Danish firms: Glentra Capital, Novo Holdings, and pension fund PKA. As part of the transaction, European transmission specialist Elia Group bought a stake in an energyRe subsidiary, energyRe Giga.
Photo Courtesy EnergyRe
As Utility Dive reported, proceeds from the funding round will be used to build upon an energyRe development pipeline that includes more than 500 miles of transmission lines; 10.5 gigawatts of solar, wind, and battery storage; and 155 megawatts of distributed power across 17 states.
The company’s strategy focuses on “transmission-led generation to ease the burdens on the nation’s electric grid as it adds clean power capacity,” according to Utility Dive. The additional transmission capacity is considered a crucial step in easing the backlog of renewable energy and other power projects connecting the U.S. power grid.
Photo Courtesy EnergyRe
In a statement following the funding round, Miguel Prado, energyRe CEO, said his company is “uniquely focused” on decarbonizing American cities and hard-to-abate energy load centers with electric grids that can unlock new clean power sources nationwide.
“These investments, as well as strategic synergies with our new and current partners, will support energyRe’s robust development pipeline as well as further innovation and expansion in our portfolio,” Prado said.
“This is a clear commitment from leading institutional investors that believe in energyRe’s mission, growth, and momentum.”
As part of the deal, Elia Group will enter the U.S. market and offer expertise and experience in developing, building, operating, and maintaining the following: offshore transmission infrastructure, High Voltage Direct Current (HVDC) technology, transmission planning, and congestion management.
Photo Courtesy EnergyRe
“Through this agreement, Elia Group (via WindGrid USA) is entering the U.S. markets alongside an established partner with a solid portfolio of projects,” Catherine Vandenborre, Elia’s interim CEO at the time of the deal, said in a press release. “This partnership marks a strategic step towards Elia Group establishing itself as an internationally renowned expert in the field of electricity transmission.”
Founded in 2019, energyRe operates across three main areas: generation, transmission, and storage. Here’s a look at what each focuses on, according to the company’s website:
- Generation: Harness clean solar and wind energy to power communities.
- Transmission: Modernize energy infrastructure to deliver affordable, emissions-free electricity.
- Storage: Strengthen grid reliability and resiliency with advanced battery systems.
The company has a diverse lineup of projects in the works. One of them, Clean Path New York, is a 1,300-megawatt, 175-mile underground and underwater HVDC transmission line that runs from Delaware County, Pennsylvania, to New York City. Transmission projects also include 3,800 MW of new wind and solar capacity in New York state.
In offshore wind, energyRe’s portfolio includes Leading Light Wind, an American-led offshore wind project that aims to bring locally sourced renewable power to the East Coast.
Among energyRe’s high-profile solar projects is Lone Star Solar, which the company claims “will be one of the largest solar and storage facilities” in the Southeast and has the largest battery in the Dominion Energy South Carolina (DESC) network.
Another project, Radial Power, is a joint venture between energyRe and Lotus Infrastructure Partners that will deliver distributed clean energy solutions to large real estate portfolios.
