Longroad Energy Acquires 3.0 GW Solar Portfolio
Move Accelerates Build-Out of Longroad’s U.S. Solar Development Strategy
January 17, 2017 07:15 AM Eastern Standard Time
BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Longroad Energy Holdings, LLC (“Longroad”) today announced the acquisition of a 3.0 gigawatt (GW) solar development portfolio from 7X Energy, Inc. (“7X”). The acquired portfolio includes projects located across the U.S. in several of Longroad’s target markets. The Longroad and 7X team will develop these projects and will work together to continue to grow Longroad’s utility scale solar pipeline, combining the experience and successful track record of both teams.
We are pleased to be working together with 7X to bring these projects to market, and excited to accelerate our solar platform,” said Charles Spiliotis, CIO of Longroad. “7X is bringing in-depth market knowledge and an accomplished team that can get these deals done,” added Spiliotis.
Longroad’s principals have developed, financed, built and monetized nearly 4 GW of utility-scale renewable projects in markets across the United States. This includes successfully completing 12 utility-scale solar projects comprising nearly 1.5 GW of total capacity.
“We are enthusiastic about our relationship with Longroad,” said Clay Butler, President and CEO of 7X. “We’ve already proven the success of our approach by developing a 3.0 GW solar portfolio independently. Now, by working with Longroad, we will ramp up our ability to source, finance and build utility-scale solar projects. This is a powerful way for both of our companies to offer utilities and large commercial customers a simpler, faster, lower-risk path to meeting their renewable energy needs.”
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development in the United States. Longroad also provides asset management and operation and maintenance services.
About 7X Energy, Inc.
7X Energy is an Austin-based company focused on the development, delivery and management of renewable energy for utilities, municipalities, cooperatives and large corporate customers.
Longroad Energy Holdings, LLC
Chief Investment Officer
7X Energy, Inc.
Director of Marketing and Communications
Longroad Announces Purchase of PTC Qualified Wind Turbine Components
Generates more than 600 MW of project capacity prior to expiry of 100% PTC eligibility
BOSTON & SAN FRANCISCO--(January 9, 2017/BUSINESSWIRE)--Longroad Energy Holdings, LLC (“Longroad”) today announced the purchase of wind turbine components that would qualify more than 600 MW of projects for 100% of the federal production tax credit if such projects are placed in service before the end of 2020. Longroad purchased the components from Vestas American Wind Technology, Inc. Longroad expects to utilize the components to qualify projects in its own pipeline as well as projects which may be currently owned by other developers or project owners.
“Given the increasingly competitive position of wind power in certain markets, this is an important step in creating growth opportunities for Longroad. We look forward to bringing low-cost projects to the market,” said Paul Gaynor, CEO of Longroad.
Chris Brown, President of Vestas North America, added: “We are happy to continue our long-standing and successful relationship with the Longroad team. Over the years, we have sold in excess of $1.5 billion worth of wind turbines and are confident that their track record of success will continue.”
Longroad’s principals have been responsible for developing, financing, building, and monetizing nearly 4.0 GW of utility scale renewable projects in the US. This track record includes 25 wind projects comprising 2.3 GW of total capacity in various markets and ISOs.
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development. Longroad also provides asset management and operations services. Longroad is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.
Longroad Announces New Investors
BOSTON MA, and SAN FRANCISCO, CA, October 5, 2016/BUSINESSWIRE/ – Longroad Energy Holdings, LLC (“Longroad”) today announced the closing of an equity investment and credit commitment from two partners: Infratil Limited, a publicly traded infrastructure investor, and the New Zealand Superannuation Fund, a sovereign wealth fund. The principal area of focus is investing in the development of renewable energy projects in North America. Longroad is managed by former executives from First Wind who have an established track record in development, financing, construction management, asset management and operations in this sector.
There has been substantial growth in the sector of direct ownership of renewable energy assets by large institutional investors and pension funds. Longroad’s business model includes helping these types of institutions invest in this asset class, which is characterized by long-lived contracted assets with high quality cash flows. Longroad is a proven team with a track record of value creation and operational excellence; by offering development as well as asset management and operational capabilities, Longroad provides a complete solution to market participants.
Longroad sees opportunity all along the investment spectrum from early stage development to long-lived operating assets. With this investment, there is a significant amount of capital backing Longroad’s efforts and its mandate is flexible and without fund life constraints. Longroad is led by Paul Gaynor, Michael Alvarez, Pete Keel, and Charles Spiliotis.
The investment by Infratil and the New Zealand Superannuation Fund into Longroad will be managed by investment management firm H.R.L. Morrison & Co.
About Infratil Limited
Infratil is an owner and operator of businesses in the energy (mainly renewable), transport, data centres and social infrastructure sectors. Its energy operations are predominantly through Trustpower in Australia and New Zealand. Infratil is listed on both the New Zealand and Australian Stock Exchanges (IFT.NZ, IFZ.AX) and currently owns assets in excess of NZ$6.5 billion, visit www.infratil.com.
About New Zealand Superannuation Fund
The New Zealand Superannuation Fund is a NZ$30 billion sovereign wealth fund established by the New Zealand Government to partially pre-fund the future cost of universal pension payments. A long-term, growth-oriented investor, the Fund has returned 9.7% p.a. since inception in 2003. The Fund is managed by the Guardians of New Zealand Superannuation, a Crown entity. The Fund is a 50:50 shareholder in RetireAustralia, alongside Infratil. For more information, visit www.nzsuperfund.co.nz.
About H.R.L. Morrison & Co
Founded in 1988, Morrison & Co has become one of the world’s leading specialist infrastructure investment managers with operations in New Zealand, Australia and Hong Kong. Today Morrison & Co manages over NZ$9 billion of assets on behalf of retail, institutional and sovereign wealth fund clients.
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development. Longroad also provides asset management and operations services.