Longroad announces $500 million investment to expand wind, solar and storage portfolio

Longroad Energy Holdings, a US-based developer and holding company for renewable energy, has announced a $500 million equity investment from MEAG, an asset management subsidiary for Munich Re entities, in order to expand its 1.5 GW owned asset portfolio to 8.5 GW of wind, solar, and storage projects over the course of the next five years. Infratil, a listed entity managed by Morrison & Co., and New Zealand Superannuation Fund (NZ Super Fund), will join MEAG to support Longroad’s strategic expansion of its renewable energy portfolio. Although Longroad now owns a 1.5 GW net ownership operating portfolio, the developer has a record of developing and acquiring 3.2 GW of projects. The company has a pipeline of about 15 GW comprising wind, solar, and storage processes across 13 states in America.

According to the company’s statement, Longroad’s development pipeline aims to create an operating and development portfolio of solar and storage projects in Arizona and California totaling between 4 GW and 3 GW. The company has solar and storage project pipelines in Hawaii and Maine totaling more than 500 MW and 1 GW, with a focus on expansion in the key US markets. Longroad has a development pipeline of over 2 GW worth of wind, solar, and storage projects in addition to operating 306 MW of wind assets in Utah.

Prior to this, Sequitur Renewables, a subsidiary of ArcLight Capital Partners (ArcLight), agreed to purchase a portfolio of operational wind farms in West Virginia and Pennsylvania. With affiliates of GlidePath Power Solutions, the company reached an agreement to purchase the portfolio. The portfolio sells power and renewable energy credits into the merchant PJM market and comprises five wind farms with a combined capacity of 185 MW.

GET ACCESS TO OUR ARTICLES

Enter your email address