The project, located over 40 miles (some 64 kilometres) off the coast, is scheduled to begin construction in 2028, with operations expected to begin in 2032. Once operational, the 2.4 GW Leading Light Wind will supply New Jersey with enough electricity to power more than one million homes.
As part of its buy-in, Elia Group will deploy the agreed USD 400 million over three years into energyRe Giga, of which USD 250 million (approx. EUR 230 million) have been drawn as part of the transaction closing. Elia’s equity stake will increase as the amount is deployed over time, reaching 35.1 per cent once the entire acquisition amount is fully deployed. Proceeds will be fully committed to fund project development in US electricity transmission and renewable energy generation, Elia says.
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