energyRe will leverage these strategic investments to advance its mission of decarbonizing American cities with abundant, affordable clean power and modern, well-connected electric grids.

energyRe, an independent U.S. clean energy developer, today announced that it has 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. energyRe will leverage these strategic investments to advance its mission of decarbonizing American cities with abundant, affordable clean power and modern, well-connected electric grids.

"energyRe's world-class renewable energy portfolio and team have earned the trust of institutional investors and are more ready than ever to advance the U.S. transition," said Jeff Blau, Chairman and Founding Partner of energyRe. "We look forward to leveraging our experience and expertise to deliver reliable clean power and advance a sustainable, carbon-free American future."

"energyRe is at the forefront of America's energy transition and delivering the necessary renewable infrastructure to meet our urgent climate and sustainability goals," said Miguel Prado, Chief Executive Officer of energyRe. "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. This is a clear commitment from leading institutional investors that believe in energyRe's mission, growth, and momentum. We thank our partners and look forward to working together to meet America's clean energy needs."

The raise announced today comprises committed capital investments in energyRe LLC from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. Glentra will leverage its track record in developing and constructing renewable energy assets in the U.S. to support the energyRe team in expanding its development pipeline and delivering on its ambitious growth plan. In addition, a firm agreement has been reached with Elia Group for the acquisition of a stake in a subsidiary of energyRe: energyRe Giga. The European transmission specialist will be offering all of its expertise and experience in the development, construction, operation and maintenance of offshore transmission infrastructure; HVDC technology; transmission planning; and congestion management to the partnership. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.

energyRe's diversified portfolio of renewable assets includes a development pipeline spanning seventeen states and comprises more than 500 miles of high-voltage direct current (HVDC) transmission; 10.5 GW of solar, wind, and storage; and more than 155 MW of distributed generation.

Catherine Vandenborre, Interim CEO of Elia Group, said: "Through this agreement, Elia Group (via WindGrid USA) is entering the U.S. markets alongside an established partner with a solid portfolio of projects. This partnership with energyRe Giga is part of Elia Group's growth strategy in Europe and the United States, since the Group is focused on expanding its activities abroad and strengthening the development of sustainable energy solutions. This partnership marks a strategic step towards Elia Group establishing itself as an internationally renowned expert in the field of electricity transmission."

Henrik Tordrup, Managing Partner at Glentra, said: "As a value-add investor in the energy transition, Glentra is delighted to invest in energyRe with like-minded investors. We have followed the company for several years and are big believers in their strategy and management team. The company is set for a valuable growth journey as they deliver their unique project pipeline and provide massive decarbonization for hard to abate regions of America."

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