energyRe, a renewable energy developer, 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.
The announced raise comprises committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
“We are uniquely focused on decarbonizing U.S. cities and hard-to-abate energy load centers with state-of-the-art electric grids that unlock new sources of clean power across the country. 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 Miguel Prado, Chief Executive Officer of energyRe.
In addition, an agreement has been reached with Elia Group, a European transmission system operator, for the acquisition of a stake in a subsidiary of energyRe – energyRe Giga, marking Elia Group’s entry into the U.S. market for the development, construction, operation, and maintenance of offshore transmission infrastructure; HVDC technology; transmission planning; and congestion management to the partnership.
BofA Securities served as placement agent and Lazard Frères & Co. LLC. served as financial advisor to energyRe.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, total corporate funding, including venture capital (VC) funding, public market, and debt financing, in 9M 2023 stood at $28.9 billion, 55% higher than $18.7 billion raised in 9M 2022.
Recently, Summit Ridge Energy, a community solar project owner and operator, secured $275 million from the global financial services company Mitsubishi and United Financial of Japan Group (MUFG).