December 4, 2023

Novo Holdings, Glentra Capital and PKA invest USD 300 million in energyRe, a leading US renewable energy developer

Glentra Capital, Novo Holdings and PKA have agreed to acquire a minority stake in energyRe LLC (energyRe), a US-based developer of renewable energy projects focused on decarbonising urban and industrial centres in the US. The transaction amounts to approximately USD 300 million and will advance project development in renewable energy generation and electricity transmission.

Co-founded by Novo Holdings, Glentra Capital was established in late 2022. In September 2023, Glentra, PKA and Novo Holdings announced the closing of Glentra’s first fund, Glentra Fund I. The investment in energyRe marks the consortium’s inaugural co-investment.

Dual headquartered in Houston and New York, energyRe has established a large and maturing multiple GW pipeline of clean energy ranging from onshore and offshore wind and solar PV to distributed generation and private transmission. energyRe’s unique focus on transmission-led generation innovatively combines High-Voltage Direct Current (HVDC) transmission with emissions-free energy sources to decarbonise cities in the US and deliver clean power directly to the nation’s largest energy load centres. An example is the Clean Path New York project bringing more than 7.5 million MWh of clean power annually to New York City. energyRe is an affiliate of Related Companies, one of the most prominent real estate companies in the US.

The investment fits Glentra’s investment strategy of investing into renewable growth platforms with strong management teams and an attractive pipeline within renewable energy where Glentra can actively leverage its expertise and network. Glentra will leverage its track record in developing and constructing renewable energy assets in the US to support the energyRe team in expanding the development pipeline, building the organisation, and delivering on its ambitious growth plan.

Miguel Prado, CEO of energyRe, said: “energyRe is accelerating US energy transition with innovative renewable energy solutions that will modernise the nation’s electric grids and decarbonise American cities with reliable, clean power. This strategic investment from Glentra will support energyRe’s mission to deliver sustainable, resilient, and innovative energy systems to the communities we serve.”

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 its strategy and management team. The company is set for a valuable growth journey as it delivers its unique project pipeline, providing provide massive decarbonisation for hard-to-abate regions of America.”

Morten Beck Jorgensen, Managing Partner, Capital Investments, Novo Holdings, said: “This transaction is a powerful indicator of our collaboration with Glentra Capital, where we, along with other dedicated investors, strive to achieve sustainable, long-term financial returns and make a positive impact on the environment. We are excited to become a shareholder of energyRe, which is a company whose values and vision resonate perfectly with Novo Holdings’ ambition to accelerate the green transition.”

Michael Nellemann, Chief Investment Officer at PKA, said: “Investing in energyRe reflects PKA’s desire to combine a good return for members while also making a significant contribution to the green transition. It is crucial for the pension fund to enter partnerships with other professional investors who share PKA’s view that there is an urgent need for long-term investments in a more sustainable future. The collaboration with Glentra gives us the opportunity to do this.”

The transaction is subject to customary closing conditions, including relevant regulatory approvals and is expected to close in Q1 2024. Santander Corporate and Investment Banking served as financial advisor to Glentra in connection with the transaction and Kirkland & Ellis served as legal counsel. The investment is the second investment made in the US on behalf of Glentra’s first fund, Glentra Fund I K/S.

About energyRe
energyRe is a leading independent energy company focused on solving complex sustainability challenges and providing clean energy solutions in utility-scale offshore and onshore wind and solar generation, energy storage, transmission, 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

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.

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.

Further information

Marie-Louise Jersin, Senior Communications Partner, +45 3049 4957,