High-voltage operator Elia completes move into US market
Elia, the operator of Belgium's high-voltage grid, has acquired a minority stake in a subsidiary of EnergyRe, a US renewable energy developer, it announced on Thursday. This is the company's first step into the American market.
Elia will invest 400 million dollars (368 million euros) over three years in EnergyRe's subsidiary EnergyRe Giga Projects, of which 250 million dollars was provided at closing. Upon completion of the investment, Elia will hold a 35.1 per cent stake in EnergyRe Giga Projects.
"The proceeds will be fully used to fund project development in the US power transmission and renewable energy generation sectors," Elia said in a press release. The company's plans were initially announced in early December.
© BELGA PHOTO ERIC VIDAL
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