Renewables developer Longroad Energy Holdings has raised $500 million to support its goal of moving from a primarily ‘develop to sell’ model to one more oriented towards project ownership.
The investment from asset manager MEAG, Kiwi sovereign wealth fund NZ Super Fund and infrastructure investors Infratil will help to accelerate expansion of Longroad’s portfolio of owned assets, the US developer explained.
Longroad aims to build its owned portfolio from 1.5GW today to 8.5GW of wind, solar and storage projects over the next five years,
Wind accounts for 457MW of its 1.5GW existing portfolio. The majority of its development pipeline is solar and storage, a spokeswoman advised.
It is developing an approximately 15GW pipeline across 13 US states, including Arizona, California, Hawaii, Maine and Utah.
The transaction is expected to close between 60 and 90 days after regulatory approvals. After closing, Longroad Energy Holdings will be owned by Infratril (37%), NZ Super Fund (37%), Longroad Energy Partners (14%) anf MEAG (12%).
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