Following the successful financing of its South Carolina solar portfolio, utility-scale developer energyRe remains in pursuit of raising additional equity to support its utility-scale solar-and-storage pipeline, said sources familiar with the situation.

In December 2023, energyRe announced a two-tiered USD 1.2bn transaction, where by Glentra, Novo Holdings, and Danish pension fund manager PKA took a minority equity stake in the Houston-based developer, while another investor, Elia Group SA/NV agreed to take a minority equity stake in its transmission business energyRE giga.

energyRE declined to comment on the situation.

Separately, the developer announced on October 30 that it lined up USD 370m in funding to support a portfolio of projects in South Carolina.

The funding, comprised of a construction loan and term loan, was provided by Santander, Bank of America, Natixis, and Societe Generale who acted as Coordinated Lead Arrangers (CLAs) for the transaction. The transaction was structured by Santander as Financial Advisor, which also acted as Administrative Agent.

The press release did not disclose the projects included in the financing, but energyRE announced this past May that Google agreed to invest and purchase Renewable Energy Credits of more than 600 MW of new solar and storage projects being developed by the developer in South Carolina.

NPM Interconnection queue data is tracking two projects under development by energyRE in South Carolina.

74 MW Holliday Solar-Horry County, SC

74.9 MW Culpepper Solar-Darlington, SC

The below NPM Interconnection Queue Applications chart (desktop only) highlights energyRe’s entire pre-operational project pipeline based on NPM’s Market Research.

*This story was originally published exclusively for NPM subscribers.

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