Further to the company announcement issued on 4 December 2023, Elia Group’s acquisition of a minority equity interest in energyRe Giga Projects (energyRe Giga) has been completed on February 1, 2024. It is expected that Elia Group will deploy US$400 million over three years into energyRe Giga. US$250 million out of the US$400 million have been drawn as part of the closing and Elia Group’s equity stake will increase as the amount is deployed over time, reaching 35.1% once the US$400 million is fully deployed. Proceeds will be fully committed to fund project development in US electricity transmission and renewable energy generation.
Elia Group’s stake in energyRe Giga Projects will be accounted for under the equity method and reported under the segment, Non-regulated segment and Nemo Link.
This acquisition is in line with Elia Group’s growth strategy in Europe and in the US, which centres on expanding its overseas activities and reinforcing Elia Group’s development of sustainable energy solutions. With this acquisition, Elia Group enters the US markets alongside energyRe, an established partner with a strong pipeline of projects. Elia Group, through its WindGrid subsidiary, will serve as the designated holding entity for the stake.
Through their subsidiaries in Belgium (Elia) and the north and east of Germany (50Hertz), the group operates 19,192 km of high-voltage connections, meaning that they are one of Europe’s top 5 transmission system operators.
