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Renewable Energy Expansion
December 4, 2023

energyRe, an independent clean energy developer based in the U.S., has successfully raised a $1.2 billion capital package. This funding will support the expansion of its large-scale renewable energy portfolio, which includes utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The capital investments come from Glentra Capital, Novo Holdings, and Denmark-based pension fund PKA.

The company is currently advancing several significant renewable energy projects across the U.S. One of these is Clean Path NY, a collaboration aiming to develop 3,800 MW of new wind and solar power and a 175-mile, underground 1,300 MW HVDC transmission line. This project is crucial for 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.

In addition, energyRe is a co-developer of Leading Light Wind, an offshore wind project in the New York Bight, capable of powering up to 1 million American homes with 2,400 MW of clean energy. In 2022, the company acquired Southern Current, a South Carolina-based developer of solar and energy storage assets, and launched Radial Power, a large-scale developer, owner, and operator of distributed clean energy systems.

This capital raise demonstrates a clear commitment from leading institutional investors in energyRe’s mission, growth, and momentum, positioning the company at the forefront of America’s energy transition.

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