Elia participates in American sustainable energy developer energyRe Giga
Elia, the Belgian high-voltage grid operator, has acquired a 35.1 per cent stake in energyRe Giga Projects, a subsidiary of energyRe, an American sustainable energy developer. Elia made the announcement on Monday. This is the first investment in which its subsidiary WindGrid will be involved.
Over the next three years, Elia plans to invest a total of 400 million dollars or 368 million euros in energyRe Giga Projects. According to Elia, the proceeds will be used exclusively to finance the development of projects in the American electricity transmission and renewable energy production sectors.
American market entry
This acquisition marks the Elia Group's entry into the American market. Elia will participate in the investment through WindGrid, its subsidiary specializing in the development of offshore power grids in Europe and beyond. This move is part of Elia's strategy to expand its overseas activities and strengthen the development of sustainable energy solutions in Europe and the United States.
It represents one of the new non-regulated activities that Elia has established in recent years, alongside its regulated role as a transmission system operator. "This is in line with Elia Group's growth strategy in Europe and the US, which focuses on expanding overseas activities and strengthening Elia Group's development of sustainable energy solutions," said Elia.
Completion of the transaction is subject to various conditions, including approval by European authorities. Another consortium led by the investment fund Glentra Capital will invest concurrently. The transaction is expected to close in the first quarter of 2024.
© BELGA PHOTO ERIC LALMAND