US renewable power developer energyRe has raised US$1.2 billion in funding for a number of clean power projects, including solar-plus-storage and transmission and distribution work in the US.
The funding will be used to support the deployment of several transmission projects, including Clean Path NY, a project to develop 3.8GW of new wind and solar capacity and a 1.3GW high voltage direct current (HVDC) transmission line in and around New York state, and the SOO Green HVDC Link, a 350-mile transmission line that will connect the MISO and PJM power grids in the US.
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The company also owns Southern Current, a developer of solar-plus-storage projects in the southern US that boasts around 3GW of projects in what it calls its “early to mid-stage development pipeline”. While energyRe did not specify how much of the funding would go towards Southern Current’s solar and storage projects, the presence of additional capital will be of benefit for the solar-plus-storage sector in general.
“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,” said energyRe CEO Miguel Prado.
The company’s funding will come from a number of investors, including clean energy financier Glentra Capital, Danish investor Novo Holdings and Denmark-based pension fund PKA.
In addition, energyRe has announced plans to sell a stake in its European transmission-focused subsidiary, energyRe Giga, to the Elia Group, which operates transmission systems in Belgium and Germany. This deal includes a debt facility to be arranged by banks Santander and Deutsch Bank.
“Through this agreement, Elia Group is entering the US markets alongside an established partner with a solid portfolio of projects,” said Elia Group interim CEO Catherine Vandenborre. “This partnership with energyRe Giga is part of Elia Group’s growth strategy in Europe and the US, since the group is focused on expanding its activities abroad and strengthening the development of sustainable energy solutions.”
The news follows encouraging developments in the US solar sector in general, and the eastern US in particular, with New York state installing 2GW of community solar capacity last week. However, the California solar sector could lose up to 17,000 jobs by the end of the year due to the impacts of the NEM 3.0 net metering scheme, so additional investment in the US solar sector will be welcomed by those in the industry.
