energyRe Announces $1.2 Billion Capital Raise to Accelerate U.S. Clean Energy Transition

The co-investors Novo Holdings and PKA are equally pleased to become shareholders in energyRe:

Morten Beck Jorgensen, Managing Partner, Capital Investments, Novo Holdings, said: "We are excited to become a shareholder of energyRe, which is a company that aligns perfectly with Novo Holdings' ambition to accelerate the green transition and with our purpose of benefitting people's health and the sustainability of the planet."

Michael Nellemann Pedersen, Chief Investment Officer, PKA, said: "Alongside other professional partners, PKA is delighted to become shareholder of energyRe. We see energyRe as an essential part in the transition to further renewable energy sources and a natural addition to our portfolio within energy infrastructure."

energyRe is advancing several nation-leading renewable energy projects across the United States. energyRe is a partner on Clean Path NY—a public-private collaboration to develop 3,800 MW of new wind and solar power and a 175-mile, underground 1,300 MW HVDC transmission line. Clean Path NY is critical to advancing New York State's Climate Leadership and Community Protection Act, which mandates a zero-emission electricity sector by 2040, 70 percent renewable energy generation by 2030, and economy-wide carbon neutrality. Upon operation, Clean Path NY will deliver more than 7.5 million MWh of emissions-free energy annually and reduce fossil fuel-fired electric generation in New York by 22% per year on average. Clean Path NY encapsulates energyRe's focus on transmission-led generation by delivering both clean power and urgently needed transmission capacity—alleviating growing congestion on the electric grid, reducing system costs, enhancing grid resiliency, and enabling additional sources of renewable power to reach cities and communities currently dependent on fossil fuels.

energyRe is a development partner on the SOO Green HVDC Link—a first-of-its-kind, 350-mile interregional transmission line that will connect the midwestern (MISO) and eastern (PJM) power markets and enable the delivery of 2,100 MW of renewable energy—enough to power more than 1.5 million homes.  By delivering wind and solar power to the nation's largest electricity market, SOO Green will significantly decarbonize the regional electric grid and enhance system reliability and resiliency.

energyRe is a co-developer of Leading Light Wind—the only American-led offshore wind project with a lease in the New York Bight—which can power up to 1 million American homes with 2,400 MW of clean energy.  As one of the only U.S.-based offshore wind developers in the world, energyRe is at the forefront of the burgeoning American offshore wind industry and well-positioned to advance robust domestic supply chains, workforce development pipelines, and manufacturing capabilities.

In 2022, energyRe acquired Southern Current, a South Carolina-based premier developer of solar and energy storage assets.  In September 2022, energyRe launched Radial Power, a large-scale developer, owner, and operator of distributed clean energy systems with commercial & industrial (C&I) solar and storage solutions and electric vehicle charging.

energyRe is an affiliate of Related Companies, one of the most prominent real estate companies in the United States and one of the nation's largest creators and preservationists of affordable housing.

BofA Securities served as placement agent and Lazard Frères & Co. LLC. served as financial advisor to energyRe.

About energyRe
energyRe is a leading independent energy company focused on solving complex sustainability challenges and providing clean energy solutions in utility-scale transmission, onshore wind and solar, offshore wind, energy storage and distributed generation. Guided by the principles of innovation and partnership and backed by expertise and experience, energyRe is committed to creating a reliable, renewable energy future for all. energyRe has offices in New York, Houston, Indianapolis, and Charleston. For more information about energyRe, visit www.energyre.com.

About Elia Group 
Elia Group is a key player in electricity transmission. Through our subsidiaries in Belgium (Elia) and Germany (50Hertz), we operate 19,349 km of high-voltage connections, meaning that we are one of Europe's top 5 transmission system operators. By expanding international high-voltage connections and incorporating ever-increasing amounts of renewable energy into our grid, we are promoting both the integration of the European energy market and the decarbonisation of society. In addition to its activities as a transmission system operator, Elia Group provides consulting services to international customers through its subsidiary Elia Grid International. In recent years, the Group has launched new non-regulated activities such as re.alto - the first European marketplace for the exchange of energy data via standardised energy APIs - and WindGrid, a subsidiary which will continue to expand the Group's overseas activities, contributing to the development of offshore electricity grids in Europe and beyond.

The legal entity Elia Group is a listed company on Euronext Brussels.
https://www.eliagroup.eu/ 

About Glentra Capital
Glentra Capital ('Glentra') was founded in 2022 by senior executives from the renewable energy and fund management industries, with the vision to generate attractive risk-adjusted returns while accelerating the global energy transition for a clean and sustainable future. Glentra will contribute to this vision by investing in and growing exceptional companies that deliver the energy infrastructure of tomorrow via investments in development platforms ranging from offshore wind to solar and sustainable fuels and in their supply chain companies as well as in energy optimisation and integration businesses.  The mix of industry and investment experience among Glentra's partners and team of employees secures a unique platform for growth and value creation for portfolio companies and investors. Glentra has offices in Copenhagen and London.
www.glentra.com 

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.  As of November 2023, Novo Holdings had total assets of EUR 150 billion.
www.novoholdings.dk

About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people's health and the sustainability of society and the planet. The Foundation's mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society. www.novonordiskfonden.dk/en

About PKA
PKA is one of Denmark's leading pension funds delivering life-long security in the form of simple pension schemes for a community of members based on solidarity.

With a total of 355,000 members, mainly from social services and health care, PKA has taken good care of their pensions ever since 1954.

Today, the combined net assets have reached such a size that they make in difference in society. E.g. the funds' investments push the expansion of green energy infrastructure, support sustainable building construction, and create growth in developing countries.

With about USD 60 billion in AUM PKA has invested in solar and wind power for more than ten years and is to be considered as a green leader in the pension industry generating long-term, good returns for the members, while contributing to a more sustainable future.
https://pka.dk/this-is-pka

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SOURCE energyRe