Two 15-Year Power Purchase Agreements with Zimmer Biomet and DaVita

Boston, MA – August 26, 2020 – Longroad Energy Holdings (Longroad), a US-based renewable energy developer, owner and operator, announced today the financial close and commencement of construction of the Prospero 2 Solar Project, a 331 MWdc project located in Andrews County, TX. Longroad will continue to own the $320 million project, which is expected to come on-line in the second quarter of 2021. Longroad will also manage the construction.

Prospero 2 is adjacent to Longroad’s Prospero 1 project, which recently declared commercial operation. Prospero 1 is co-owned by Longroad and AIP.

“We are pleased to bring Prospero 2 to financial close and to commence construction,” said Peter Keel, Chief Financial Officer of Longroad. “It’s always tough finalizing deals, but even more so in today’s challenging market. We want to commend our lead lending and tax equity partners, US Bank and CIT Group, for being especially constructive and supportive throughout the process.”

The Prospero 2 closing marks over 2 GW of total wind and solar projects developed, financed, and built in Texas by the Longroad team.

“Building a project like this is an incredible team effort and we are happy for the support of University Lands, Andrews County Commissioners Court, Permian Regional Medical Center (Andrews County Hospital District), Andrews Independent School District (“ISD”), and Andrews Economic Development Corporation,” Keel added. “We would like to thank all of our suppliers, construction, and utility partners: First Solar, Power Electronics, NEXTracker, Swinerton Renewable Energy, and Oncor.”

The Prospero 2 project will cover more than 2,500 acres in Andrews County, Texas. The project will deliver more than $9 million in property taxes, including almost $6 million to the Andrews ISD. The Project will also create several hundred construction jobs as well as jobs for the operating facility. All told, the Project expects to pay more than $10 million in wages over the life of the project.

The project has two 15-year power purchase agreements (PPAs), one with DaVita Inc. and another with a subsidiary of Zimmer Biomet Holdings, Inc.

“DaVita is committed to using 100% renewable energy and our PPA with Longroad’s Prospero 2 project will help make this happen,” said Peter Berkowitz, DaVita’s Vice President of Real Estate and Center Development. “Our previous PPA with Longroad helped us reach the halfway mark on our goal, and we expect that Prospero 2’s completion will carry us across the finish line.”

DaVita anticipates that its share of the projects under the two virtual PPAs with Longroad will generate as much renewable energy as the amount of electricity used in its North American operations.

The major project components are as follows:

  • EPC contract with Swinerton Renewable Energy
  • Panel supply with First Solar, using Series 6 technology
  • Inverter supply with Power Electronics
  • Tracker supply with NEXTracker

U.S. Bank is the sole tax equity investor in the project. “We value our long-term partnership with Longroad and its founders – Prospero 2 is our seventh project with them – and we’re excited to work together to increase solar capacity and create jobs in Texas,” said Adam Altenhofen, senior vice president of renewable energy investments with U.S. Bancorp Community Development Corporation, the tax equity and community investment subsidiary of U.S. Bank. “Investing in solar is one of the ways U.S. Bank can be a responsible steward of the environment, address climate change, and also create jobs.”

CIT led the construction and term lending group as the Coordinating Lead Arranger. Zions, Rabobank, HSBC, Commerzbank, Siemens Financial Services, and National Australia Bank also participated in the lending group.

“We are proud to extend our collaboration with Longroad by leading the Prospero 2 solar financing,” said Mike Lorusso, Managing Director and Group Head of CIT’s Power and Energy unit. “Longroad continues to be at the forefront of this major energy transition and CIT is pleased to have played a role in supporting them as well as the ongoing development of renewable power nationwide.”

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns over 1.4 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 2.9 GW in total comprised of these projects plus 1.5 GW of wind and solar projects on behalf of third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

Longroad developed and financed the project; Orsted acquired the project at financial close; TVA signs 20-year PPA

Boston, MA – July 9, 2020 – Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financial close and sale of the Muscle Shoals Solar project, a 294 MWdc project located in Colbert County, AL. Orsted, the global renewable energy company, acquired the project at financial closing. Muscle Shoals Solar, the largest renewable energy project in Alabama, is expected to come online mid 2021 and Longroad Energy will manage the construction.

“Longroad is pleased with the results of our development and financing efforts,” said Charles Spiliotis, Chief Investment Officer of Longroad. “Closing renewable energy projects in the face of the global pandemic is a testament to the quality of the project, our team’s capabilities in development and financing, and our track record of delivering high quality, competitive investments.”

The Muscle Shoals Solar project is expected to employ 300 people during the peak of construction activities. During construction, more than $1 million in sales and use tax revenue is expected to be generated. In the first 20 years of operations, the project is expected to deliver over $15 million in incremental property taxes, much of which will be directed to education.

“This project is our ninth development project completed since Longroad’s inception less than four years ago,” Spiliotis added. “We would like to thank the Colbert County Commission for its excellent work fostering an environment for business and innovation in the Shoals region. We are also grateful for the collaboration of the Shoals Economic Development Authority (SEDA), whose support has been critical to the project’s success. We look forward to continuing to work with the Commission and SEDA on this project and future initiatives.”

The project has a 20-year power purchase agreement with the Tennessee Valley Authority (“TVA”). “As the nation’s largest public power utility, TVA is a leader in driving the growth of renewable energy that strengthens our whole region,” said Chris Hansen, vice president, TVA Origination and Renewables. “Developing clean, low-cost, reliable solar energy is a tremendous asset in terms of driving jobs and investment into the communities we serve across seven states.”

  • The major project components are as follows:
  • EPC contract with Swinerton Renewable Energy
  • Panel supply with First Solar, using Series 6 technology
  • Inverter supply with Power Electronics
  • Tracker supply with NEXTracker

Wells Fargo is the sole tax equity investor in the project. “Wells Fargo is pleased to provide tax-equity financing for significant projects – like Muscle Shoals – that contribute to a more sustainable future,” said Andrew Kho, Head of Originations for Wells Fargo’s Renewable Energy & Environmental Finance group. “This investment supports our pledge to provide $200 billion in financing through 2030 to businesses and projects helping to accelerate the transition to a low-carbon economy.”

About Longroad Energy Holdings, LLC

 Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.1 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 2.6 GW in total comprised of these projects plus 1.5 GW of wind and solar projects on behalf of third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

Portland, ME – July 6, 2020 – Longroad Energy, a US-based renewable energy developer, owner and operator, and Unity College announced a partnership today through which Longroad’s Three Corners Solar project will provide $100,000 to fund faculty and student research at Unity. The College’s Unity property is located approximately five miles from the project site.

A memorandum of understanding was recently signed by Three Corners Solar and Unity College, under which the project will provide $10,000 per year for the first 10 years of the project’s operation to fund research opportunities to faculty and students in environmental science, natural resources and other related programs. Known as America’s Environmental College, Unity’s educational mission emphasizes the environment and natural resources.

“We are really pleased to be partnering with Unity College,” said Paul Gaynor, CEO of Longroad Energy. “This is a great opportunity for us to provide, through the Three Corners Solar project we’re developing, meaningful support to Unity’s educational program and its mission of sustainability. We are delighted that Three Corners Solar will power opportunities for Unity students; one of the many ways this project delivers significant local benefits.”

“As America’s Environmental College, we educate the next generation of environmental leaders, who will go out into the world to change it for the better,” said Unity College President Dr. Melik Peter Khoury. “Being part of such a high-profile solar project like this will not only give students real-world experience with one of the most important sustainability developments of the future, it will also open doors and give them insight into what their career paths might look like.”

Longroad is developing the 109 megawatt (ac) Three Corners Solar project in Benton, Clinton and Unity Townships in Kennebec County, Maine. The $190 million project is currently on track to start construction in 2021 with commercial operation beginning by 2022. Longroad has been in discussions with various power buyers and most recently submitted a bid to sell the output of the project through a long-term contract with Central Maine Power.

Most of the project will be located on property owned by the Bessey family, which manages it for commercial timber production and will continue to do so on the majority of the site.

“Our family has sustainably managed timberland in central Maine for more than five generations,” said Ethan Bessey, president of E D Bessey Lumber Products. “Our philosophy has always been to operate with future generations in mind, and bringing clean, renewable energy to our communities with this solar farm is in keeping with that philosophy. We are impressed with the team at Longroad and their commitment to making sure that this project has wide-reaching and direct benefits to our community.”

Using widely accepted metrics, Longroad has calculated that by reducing reliance on pollution from fossil fuel power, Three Corners Solar will reduce greenhouse gas emissions by approximately 140,000 metric tons of CO2 equivalent each year over 20 years. This avoided CO2 emissions is equivalent to taking approximately 30,000 cars per year off the road for as long as the project operates.

In addition to generating new property taxes for host communities and the State of Maine, Three Corners Solar has also committed to contributing $100,000 ($5,000 per year) to local programs and charitable organizations during the 20-year operating term of the project. Upon operation, the project will also make a one-time donation of $25,000 to the Sebasticook Regional Land Trust to support funding of their land conservation and stewardship projects.

The construction of Three Corners Solar is expected to support 125 jobs and generate $20 million in direct purchases of goods and services in Maine. Once in service, it will be operated by Longroad’s operations team based in the company’s Portland office.

To date, the Longroad team has developed approximately 5,000 MW of wind and solar energy nationally, including nine wind projects in Maine totaling approximately 700 MW. The Portland office is comprised of 12 employees, most of whom are part of the company’s operations team responsible for 24/7 monitoring and management of hundreds of solar and wind projects. A majority of Longroad’s Portland employees are either Maine Maritime Academy graduates or military veterans.

About Longroad Energy Holdings, LLC

 Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.1 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 2.6 GW in total comprised of these projects plus 1.5 GW of wind and solar projects on behalf of third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad’s management team.

About Unity College

The first institution of higher education in the nation to divest from fossil fuel investments, Unity College is changing the face of higher education. Sustainability science lies at the heart of its educational mission, offering environmentally-focused degrees on campus and online. For more information, visit unity.edu.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

Unity College Media Contact:
Joel Crabtree
jcrabtree@unity.edu
207.509.7292

HONOLULU, HI – May 29, 2020 –  Longroad Energy was selected by Hawaiian Electric Company (HECO) to begin developing two utility-scale solar and battery storage projects for completion in 2023. The proposed projects include the 120 MWac/480 MWh Mahi Solar in Kunia, O‘ahu, which would be the state’s largest solar project to date, and the 40 MWac/160 MWh Pulehu Solar in Pulehu, Maui.

“We have a track record in Hawai‘i of working with local residents to design good projects that communities support,” said Paul Gaynor, CEO of Longroad Energy. “We are grateful for the opportunity to develop these new projects that help the state make strides towards its ambitious 100% renewable energy goal.”

 In the coming months, Longroad plans to gather community input, negotiate power purchase agreements with HECO, begin the permitting process and hold virtual public meetings. The Mahi Solar project plans to work with the Hawaii Farm Bureau on O‘ahu to find new agricultural uses for the land under and around the solar panels, and the Pulehu Solar project plans to support the educational efforts of the Maui Economic Development Board to teach students about clean energy. For further information, visit www.longroadenergy.com/mahi and www.longroadenergy.com/pulehu

The Hawai‘i team at Longroad (previously as First Wind) developed seven of the state’s largest clean energy projects including 150 MW of wind and 110 MW of solar, all of which are operating today. 

About Longroad Energy Holdings, LLC

 Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.1 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 2.6 GW in total comprised of these projects plus 1.5 GW of wind and solar projects on behalf of third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

Boston, MA – April 23, 2020 – Longroad Energy announced today a multi-pronged charitable donation to support and encourage COVID-19 relief efforts. The company has contributed a total of $100,000 to three local funds and one national charitable organization and has established an employee match program of up to $50,000 to amplify the donation of its team members.

“COVID-19 is having a devastating impact on the communities in which we live and work,” said Paul Gaynor, CEO of Longroad Energy. “We feel a deep responsibility to do our part to help support those who are directly impacted in this crisis – frontline healthcare workers, affected patients without insurance, and families and individuals in need and food insecure. We have chosen carefully the organizations we are supporting and applaud their efforts to help the most vulnerable among us.”

In keeping with Longroad’s values of engaging responsibly with its communities, the company has targeted non-profit organizations and funds in cities where it has offices: Boston, San Francisco and Portland ME. Longroad has made a $25,000 donation to each regionally-focused fund, and also is supporting national relief efforts with a donation to the American Red Cross. Specifically, it has contributed to:

Boston: Massachusetts COVID-19 Relief Fund 

The fund is working to understand the response and relief landscape locally and statewide in order to strategically fill in where gaps are pronounced. Its mission is to ensure essential needs are understood in real time and provide resources for interventions that are effective and impactful. The fund helps:

  • Frontline healthcare professionals, first responders, and other essential workers.
  • Working families and households disproportionately affected by the impact of COVID-19.
  • Immigrant and undocumented populations.
  • People who are food insecure.
  • People with disabilities.
  • Homeless populations.

San Francisco: Univ. of California, San Francisco (UCSF) COVID-19 Response Fund 

UCSF’s hospitals, clinics, and research labs are actively responding to the pandemic. Its fund addresses the needs of patients and caregivers impacted by COVID-19, and to support emerging areas of greatest need, such as:

  • Expanding diagnostic and testing capacity.
  • Covering extended staff time and benefits for healthcare providers working directly on the crisis.
  • Addressing expenses of exposed patients who are not covered by insurance.
  • Ensuring necessary housing for patients and equipment for healthcare workers. 

Portland, ME: Good Shepherd Food Bank of Maine 

Good Shepherd Food Bank and its network of 450+ agency partners, including food pantries and meal sites, is the largest hunger-relief organization in Maine. It is focusing on:

  • Purchasing food and distributing it at no cost to ensure supply in a time when food donations are lagging demand.
  • Hiring temporary staff to work in its warehouses and supporting its essential employees with hazard pay.
  • Support food pantries and other hunger-relief partners with grants to help them cover their emergency operating expenses.

National: American Red Cross

Red Cross volunteers and staff work to deliver vital services, providing relief and support to those in crisis. Donations will help to:

  • Ensure a sufficient supply of blood to help patients in need and prevent any shortages.
  • Ensure that, due to this Coronavirus outbreak, that it is able to provide critical relief services to people affected by disasters big and small.

Additionally, as Longroad’s more than 110 employees consider their own charitable giving commitments, the company is offering a 100% match, up to $50,000 in total for all team member donations. Longroad will match donations made to the above organizations or to other COVID-19 relief groups that employees identify.

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.1 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 2.6 GW in total comprised of these projects plus 1.5 GW of wind and solar projects on behalf of third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad’s management team. 

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

Longroad and AIP broaden their partnership, with AIP investments in both the Little Bear Solar projects and Prospero I, a 379 MWdc solar project in Texas.

Boston, MA—April 7, 2020 — Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financial close and start of construction of Little Bear Solar, comprising four separate projects totaling 215 MWdc in Fresno County, CA. Additionally, two Danish pension funds, PKA and PenSam, represented by their investment manager AIP, announced today that they are investing in 50 percent of the equity interests of both Little Bear Solar and Prospero I Solar, the 379 MWdc project in Andrews County, TX.

“Longroad is excited to complete the financing of the Little Bear solar projects and to broaden our partnership with PKA and PenSam through AIP,” said Paul Gaynor, CEO of Longroad. “The Longroad/AIP partnership now owns 837 MW of wind and solar projects. Last July, AIP made its first US onshore wind investment, joining Longroad as investors in the El Campo wind project in Knox County, TX, which is currently under construction and expected to come online in the second quarter of 2020. Prospero I is expected to come online in the second quarter of 2020 and Little Bear is projected to come online in the fourth quarter of 2020. We are delighted to own these three great projects alongside AIP.”

“Driving the much-needed energy transition takes a vast amount of resources, experience and capital. I am very proud of this transaction, which further strengthens our partnership with Longroad, and brings together Longroad’s expertise with the investment experience at AIP, while generating long-term stable returns for the pension savers of PKA and PenSam,” said Kasper Hansen, Managing Partner of AIP.

Little Bear, 215 MWdc, Fresno County, CA

Little Bear consists of four separate projects selling energy and RECs to Marin Clean Energy (MCE) under 20-year busbar PPAs. The projects are expected to be completed by the end of the fourth quarter of 2020. In addition to creating approximately 500 jobs during the construction of the facility, the project will contribute over $2 million in sales and property taxes.

“We are pleased to be working with MCE to deliver reliable, clean solar electricity to communities across the Bay area,” said Michael Alvarez, COO of Longroad Energy. “MCE’s customers have made the important choice to consume carbon-free electricity, and we are pleased to accommodate them via the Little Bear projects. These projects are responsibly developed, backed by long-term PPAs and powered by innovative solar technology designed in America, and are important additions to Longroad’s growing portfolio in the United States.”

Alvarez added: “We would like to thank Fresno County Department of Public Works and Planning staff for their professionalism and commitment to excellence across the board. We consider Fresno County a partner in this project and look forward to continuing to work with County staff throughout construction and operations of the facility.”

Longroad acquired the development project from First Solar last year and has since completed all the elements for a successful deployment, the major components are as follows:

  • EPC contract with Swinerton Renewable Energy
  • Panel supply with First Solar, using Series 6 technology
  • Inverter supply with Power Electronics
  • Tracker supply with NEXTracker

KeyBanc Capital Markets Inc. and Santander Corporate & Investment Banking closed $333 million of the credit facilities for the project and acted as Coordinating Lead Arrangers. U.S. Bank is the sole tax equity investor.

“This represents the tenth transaction between Longroad and KeyBanc Capital Markets,” said Daniel Brown, managing director in the Utility, Power and Renewables Group. “We are delighted to have a relationship with an experienced renewable energy developer like Longroad and we are optimistic about extending the partnership even further in the future.”

“Financing renewable energy projects is a core competence and focus of Santander in the U.S. and globally, and we are very proud to support Longroad and AIP in their clean energy endeavors that will create jobs to support the economy,” said Nuno Andrade, Managing Director and Head of Structured Finance for North America at Santander’s Corporate & Investment Banking Group.

“We’re excited to expand our partnership with Longroad and grow solar capacity and support economic development in the Central Valley,” said Adam Altenhofen, vice president of renewable energy investments with U.S. Bancorp Community Development Corporation, the tax equity and community investment subsidiary of U.S. Bank. “Being responsible stewards of the environment is important to U.S. Bank and investing in solar is one of the key ways we can achieve that.”

Prospero I, 379 MWdc, Andrews County, TX

In May of 2019, Longroad announced the financing and notice to proceed of the Prospero I solar project, one of the largest solar farms in the U.S. The project has been under construction since then and is projected to be operational in the second quarter of 2020. The Prospero I solar farm covers 4,640 acres and is expected to deliver more than $21 million in property taxes, including more than $12 million to the Andrews Independent School District. At its peak, the project employed over 400 people during construction. All told, the project expects to pay more than $24 million in wages over the project life.

First Solar, NEXTracker, and TMEIC are all project suppliers; Swinerton Renewable Energy is building the project under an EPC agreement. The project has an energy-only PPA with Shell Energy North America (SENA).

Facebook is sole tax equity investor and, along with SENA, will share the renewable energy attributes generated by the project’s energy production. CIT is the Coordinating Lead Arranger for the construction loan. Other banks include Silicon Valley Bank, Zions Bancorporation NA, National Australia Bank Ltd, Landesbank Hessen-Thuringen Girozentrale (Helaba), Rabobank, and Commerzbank.

Longroad’s affiliate, Longroad Energy Services, will provide construction management, asset management, operations and maintenance oversight, and remote monitoring services to both Little Bear and Prospero I over the long term.

Both projects are considered critical infrastructure and therefore not impacted by recent COVID-19 restrictions. Swinerton has put in place COVID-19 best practices at each site.

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.1 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 2.6 GW in total comprised of these projects plus 1.5 GW of wind and solar projects on behalf of third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

About PKA

PKA is one of the largest pension service providers in Denmark. Their 320,000 members work primarily in the public sector. PKA invests approximately DKK 300 billion ($43.3 billion) on behalf of their members. PKA has a special focus on investing in projects that help to mitigate the effects of climate change and has a positive impact on society. They have invested approximately DKK 30 billion ($4.3 billion) in climate-related projects.

About PenSam

PenSam is a Danish labor market pension fund managing occupational schemes for people within eldercare, cleaning, technical service, and pedagogical care in Danish municipalities, regions, and private companies, combining a total members base of 417,000. On their behalf PenSam invest approximately DKK 135 billion ($19.8 billion).

About AIP

Originally established as PKA AIP in 2012, AIP has grown into an independent investment manager dedicated to managing institutional investors’ direct investments into energy and infrastructure assets in Europe and the US. To date, AIP has invested USD $3.5 billion and the target for the coming years is to invest approximately USD $700-900 million annually.

Community Wind North and Jeffers Facilities to be repowered with Vestas wind turbines. KeyBank and HSBC providing construction financing. Once completed, facilities will be purchased by Xcel Energy.

BOSTON, Jan. 15, 2020 /PRNewswire/ – Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financial close and start of the repowering of two wind facilities in Minnesota: Community Wind North and Jeffers Wind. The projects are located in Lincoln and Pipestone counties; the combined output of the two facilities after repowering will be 70 MW. 

“We are grateful for the support of the project landowners and communities. This is one of the first repowering projects in Minnesota, so there was not a lot of precedent to rely on. The regulatory community was constructive and supportive,” said Paul Gaynor, CEO of Longroad.  “Xcel Energy’s support was also critical in getting the projects across the finish line. We are pleased to have come to an agreement to sell these assets to Xcel Energy once the repowering is completed.”

The project repowering and construction is being performed by Vestas under a turnkey contract. Vestas is also the equipment supplier to the projects. 

A construction loan in the amount of $128 million was closed in order to support the project – KeyBank and HSBC are the Coordinating Lead Arrangers and Joint Book Runners.

The project is to be operational by the end of 2020, at which point Xcel Energy will purchase the facilities. Longroad Energy has owned the projects since 2017.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.2 GW of wind and solar projects across the United States in addition to operating and managing a total of 2.4 GW of wind and solar projects on behalf of Longroad and third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad Energy Partners, LLC.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

Deal puts Longroad Energy’s managed portfolio at 1.9 GWs.

BOSTON, Sept. 3, 2019 /PRNewswire/ – Longroad Energy Services, LLC, an affiliate of Longroad Energy Holdings, LLC, a US-based renewable energy developer, owner and operator, announced today execution of long-term asset management and operations oversight agreements for the Idaho Wind Partners (IWP) project near Twin Falls, ID.Longroad Energy was selected by IWP’s owner DIF Capital Partners (“DIF”) to provide services for the project. With these new contracts, Longroad Energy’s managed portfolio has grown from 0 to 1.9 GW in two years and now consists of nine wind projects and over 400 solar projects.

“Longroad Energy is pleased to expand our strong relationship with DIF to now include four large wind projects totaling nearly 700 MW of generation capacity in Idaho and Oklahoma. We are driven to achieve and exceed DIF’s expected investment returns by bringing our experienced asset management, operations and technical teams to bear on these projects. Our track record and experience in managing complex renewable energy assets appealed to DIF and we are proud to add IWP to our growing portfolio of managed wind and solar assets,” said Michael Alvarez, COO of Longroad Energy.

IWP consists of 122 GE 1.5 MW wind turbines for a total project capacity of 183 MW with all power being sold under long term power purchase agreements.

“Longroad Energy has been a strong partner in providing the full range of management and technical services for our US wind assets. We appreciate how they bring an owner’s perspective to managing our projects and focus on optimizing each asset so that it can exceed expected returns. We are excited to realize additional value at IWP through Longroad Energy’s efforts,” said Moira Turnbull-Fox, Managing Director of DIF.

About Longroad Energy Holdings, LLC

Longroad Energy Services, LLC is an affiliate of Longroad Energy Holdings, LLC (LEH). Founded in 2016, LEH is focused on renewable energy project development, operating assets, and services. Today, LEH owns 802 MW of operational and under construction wind and solar projects across the United States. Longroad Energy Services operates and manages 1.9 GW comprised of these projects in addition to 1.2 GW of wind and solar projects on behalf of third parties. LEH is owned by the New Zealand Superannuation Fund, Infratil Limited, and LEH’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets, that generate stable and predictable cash flows, located primarily in Europe, Latin America, North America and Australasia through two complementary strategies:

DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams.

DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 130 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

AIP makes its first investment in a wind project in the United States

Boston, MA – July 9, 2019. Longroad Energy, a US-based renewable energy developer, owner and operator announced today the financial close and start of construction of its El Campo wind farm in Knox County, Texas. The two Danish pension funds PKA and PenSam, represented by their investment manager AIP, also became long-term investors alongside Longroad Energy.

“Longroad Energy is pleased to bring this deal through this crucial step and to partner with PKA and PenSam through AIP. We are proud of our track record in developing, financing, constructing, owning and operating well-structured renewable assets in the US. This approach appealed to AIP and its investors; and the investment in El Campo is a great first step to take with our new partners,” said Paul Gaynor, CEO of Longroad Energy. “It’s great to be able to work with high caliber groups such as PKA, PenSam, and AIP. We hope this is the first of many partnerships with this team in the US.”

This project is one of the largest investments ever made in Knox County – the total cost of the project is approximately $335 million, and it is expected to achieve commercial operation by July of 2020.

The project will contribute nearly $20 million in property taxes to the Benjamin Independent School District, Knox County, Knox County Hospital District, and other local taxing authorities. The El Campo project is expecting to provide employment for approximately 200 people during construction. Eight full-time staff will manage the day to day operations of the facility.

Gaynor added: “Special thanks goes to all of the project landowners, Knox County Judge Stan Wojcik and the Knox County Board of County Commissioners, Benjamin ISD Superintendent Olivia Del Hierro Gloria and the Benjamin ISD Board, Knox County Hospital District CEO Stephen Kuehler, and the Knox County Hospital District Board.”

“The El Campo wind farm is our second sizeable investment in renewable assets in the US within a year and it represents yet another important addition to our ambitious green investment strategy,” said Michael Nellemann Pedersen, CIO of PKA. “We are delighted to partner with an experienced renewable energy developer like Longroad Energy and we are optimistic about extending the partnership even further in the future.”

“A project of this size fits our portfolio very well and provides future cash flows from a contract with offtakers committed to purchasing renewable energy,” said Claus Jørgensen, CIO of PenSam. “We are proud to contribute to this investment and thankful for the support of our execution partners, AIP and Longroad Energy for securing affordable clean renewable energy.”

The project has two corporate PPAs: DaVita Inc. has signed a Power Purchase Agreement (PPA) for 83 MW while Crown Holdings will take 111 MW in its PPA. Vestas American Wind Technology Inc. will supply 67 wind turbines ranging in size from 2.0 MW to 4.2 MW each, and the project will be built by Mortenson under an EPC agreement.

On the financing front, BHE Renewables is the sole tax equity investor. The lending group is led by KeyBank N.A. and includes HSBC Bank, CIBC, and Zions Bancorporation, N.A.

Finally, Longroad Energy’s affiliate, Longroad Energy Services, will provide construction management, asset management, operations and maintenance, and remote monitoring services to the project over a 20-year term.

About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad Energy owns 684 MW of operational wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 1.49 GW comprised of these projects in addition to 805 MW of wind and solar projects on behalf of third parties. Longroad Energy is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad Energy’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

About PKA
PKA is one of the largest pension service providers in Denmark. Their 320,000 members work primarily in the public sector. PKA invest approximately DKK 275 billion ($43.3 billion) on behalf of their members. PKA has a special focus on investing in projects that help to mitigate the effects of climate change. They have invested approximately DKK 21 billion ($3.2 billion) in climate-related projects.

About PenSam
PenSam is a Danish pension fund that manages labor market pensions for 400,000 members, which include social and healthcare personnel and educator assistants in public and private companies. On their behalf PenSam invest approximately DKK 138 billion ($20.7 billion).

About AIP
Originally established as PKA AIP in 2012, AIP has grown into an independent investment manager dedicated to advising institutional investors on direct investments into energy and infrastructure assets in Europe and the US. To date, AIP has invested more than EUR 2.7 billion and the target for the coming years is to invest approximately EUR 600 million per year.

Facebook commits to Tax Equity Investment, Shell signs Power Purchase Agreement

Boston, MA – May 30, 2019. Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financial close and start of construction of its Prospero Solar project in Andrews County, Texas with a total financing package of approximately $416 million. When completed in 2020, Prospero will be one of the largest solar farms in the U.S., with a nameplate capacity 379 MWdc.

“From our community stakeholders, to our suppliers, energy off-takers and investors, it takes a lot of hard work and cooperation to complete a project of this magnitude,” said Paul Gaynor, CEO of Longroad Energy. “We are extremely lucky to have had such great partners and are proud to bring this much needed clean energy to the market.”

Facebook will be the sole tax equity investor for the project. Facebook has been a global leader in the procurement of clean energy, but this will be the company’s first direct investment in a renewable energy project.

“Facebook is excited to be one of the first companies to use a direct investment to meet our renewable energy goals,” said Peter Freed, Energy Strategy Manager at Facebook. “We hope such investments can be a new avenue of meaningfully engaging with projects, which might be easier for some companies than a long-term power purchase agreement, thereby unlocking new options for more organizations to meet their goals and grow the market.”

Shell Energy North America (SENA) signed a 12-year Power Purchase Agreement for the project’s power off-take, which is one of the first off-take agreements of this type in the solar industry.

“Facebook is proud to have helped finance a solar project under this innovative offtake arrangement,” said Freed, “we hope our participation will help validate the structure and bring many new solar projects to the grid.”

The Prospero solar farm will cover approximately 4,600 acres in Andrews County, Texas. The project will deliver more than $21 million in property taxes, including more than $12 million to the Andrews ISD. The Project will also create several hundred construction jobs as well as jobs for the operating facility. All told, the Project expects to pay more than $23 million in wages over the project life.

The project will deploy First Solar panels, TMEIC inverters, and NEXTracker tracking systems. Swinerton Renewable Energy will be the EPC contractor for the project and the interconnection will be through Sharyland Utilities.

Both Facebook and Shell will share the renewable energy attributes generated by the project’s energy production.

“We are proud to add this project to our portfolio of zero carbon assets and to further Shell’s efforts to reduce our carbon footprint,” said Glenn Wright, President of SENA. “This is another great opportunity to be a part of increasing the supply of renewable power into the grid while also helping our assets in the Permian to meet their sustainability goals.”

CIT Bank, N.A. is the Coordinating Lead Arranger, Administrative Agent and Collateral Agent on the project’s construction and term financing. Silicon Valley Bank and Zion’s Bancorporation N.A. are Joint Lead Arrangers, while National Australia Bank Ltd., Landesbank Hessen-Thüringen Girozentrale (Helaba), Rabobank and Commerzbank are also participating banks in the deal.

About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad Energy owns 684 MW of operational wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 1.49 GW comprised of these projects in addition to 805 MW of wind and solar projects on behalf of third parties. Longroad Energy is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad Energy’s management team.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

About Shell Energy North America
With regional offices throughout the US and Canada, Shell Energy North America and its subsidiaries trade and market natural gas, wholesale power, environmental and risk management products with counterparties and customers throughout the region. Customers include large commercial and industrial users, local gas distribution companies, electric utilities, independent power producers, energy retailers, oil and gas producers, municipalities, and rural electric cooperatives.

238 MW Wind Project in Starr County, Texas

Boston, MA, December 12, 2018 – Longroad Energy Holdings, LLC (Longroad Energy) today announced the sale of the 238 MW Rio Bravo wind project to Sammons Renewable Energy (SRE). Longroad Energy developed, financed, and is managing the construction of the 238 MW wind project in Starr County, Texas, which is expected to be operating by June 2019. Going forward, affiliates of Longroad Energy are providing construction management, asset management, and operations and maintenance services to the project.

The project marks the Longroad Energy team’s fourth wind project developed in Texas, totaling 900 MW of installed capacity. Longroad Energy acquired the project and completed the development, including real estate, environmental, interconnection, engineering and design, revenue agreements, turbine procurement, and EPC construction management.

The financing was also completed by Longroad Energy. The tax equity will be provided by a subsidiary of Berkshire Hathaway Energy; the construction financing was led by KeyBank N.A., with Zions Bank, HSBC, National Australia Bank, CIBC, and Landesbank Hessen-Thuringen rounding out the lending group. KeyBanc Capital Markets served as the coordinating lead arranger and acted as financial advisor to Longroad Energy on the sale to SRE. Franklin Park identified and assisted with the structuring and closing of the acquisition on behalf of SRE.
Rio Bravo includes 66 Vestas V136-3.6 MW turbines and Mortensen is the EPC contractor. The project has a 15-year revenue agreement with Citigroup.

“We are pleased with the outcome of the Rio Bravo development, financing, and sales process,” said Paul Gaynor, CEO of Longroad Energy. “We thank all of the project landowners and local stakeholders, including Starr County Judge Eloy Vera, Starr County Commissioner Court, the Roma Independent School District Board of Trustees, the South Texas College Board of Trustees, the Starr County Memorial Hospital Board, and Rose Benavidez, the President of the Starr County Industrial Foundation. It is great to see SRE grow its footprint in Texas and we are happy to support them on this important asset with on-going operating and asset management services.”

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, ownership, and services. Today, Longroad Energy owns and operates nearly 700 MW of wind and solar projects across the United States in addition to operating and managing a further 552 MW of wind and solar projects on behalf of third parties. The Longroad Energy team has developed and financed 3.8 GW of utility-scale renewable projects since 2004. Longroad Energy is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.

Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners

About Sammons Renewable Energy

Sammons Renewable Energy invests in and develops renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Infrastructure, a Sammons Enterprises, Inc. company. Assets owned by Sammons Renewable Energy are managed by Franklin Park. For more information, visit www.sammonsenterprises.com.

About Franklin Park

Franklin Park develops, owns and manages infrastructure assets. Franklin Park has a diverse portfolio, including renewable and conventional electricity generation, electric distribution, rail and road transport, and supply chain logistics. Additional details can be found at frpark.com.

315 MWdc Solar Project in Texas sold to Innergex Renewable Energy

BOSTON MA, July 2, 2018 – Longroad Energy Holdings, LLC (“Longroad Energy”) today announced the sale of the Phoebe solar project to Innergex Renewable Energy Inc. The project also achieved financial closing and start of construction simultaneously with the sale. The 315 MWdc solar project is located in Winkler County, and upon completion, will be the largest solar project in Texas. The Phoebe project is scheduled to achieve commercial operation in the second half of 2019. First Solar is the EPC contractor and the project will be utilizing First Solar Series 6 panels. First Solar is also providing operations and maintenance to the project under a five-year agreement.

CIT led the construction and term project financing with a subsidiary of Wells Fargo providing the tax equity financing.

The project has entered a 12-year power purchase agreement with Shell Energy North America.

“We are pleased to have sold the Phoebe project to Innergex Renewable Energy Inc, who had a strategic desire to grow its solar portfolio. Longroad Energy appreciates the cooperative spirit and participation of the many landowners involved, with a special thanks to the Wight family. Also, we would like to thank the leadership and community of Winkler County, including the Winkler County Commissioners Court and the Honorable Judge Charles Wolf, the Wink-Loving Independent School District and its Board of Trustees, and the Winkler County Hospital District,” said Paul Gaynor, CEO of Longroad Energy.

Longroad Energy and 7X Energy, Inc. (“7X”) jointly developed the project. Longroad Energy arranged financing for the Phoebe project and will be assisting in the construction management. Phoebe was one of the projects comprising the 3 GW development asset transaction that Longroad Energy completed with 7X in December 2016. The Longroad Energy and 7X teams worked together to bring this project to completion, especially in the areas of local development and project design.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad Energy owns and operates 684 MW of wind and solar projects across the United States in addition to operating and managing a further 552 MW of wind and solar projects on behalf of third parties. The Longroad Energy team has developed and financed 3.8 GW of utility-scale renewable projects since 2004.
Longroad Energy is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.

Construction begins on a $300 million, 237.6 MW wind farm in South Texas

BOSTON MA, May 31, 2018 – Longroad Energy Holdings, LLC (“Longroad Energy”) today announced the financing and full notice to proceed of the Rio Bravo wind project in Starr County, Texas.  Mortenson is building the 237.6 MW wind farm incorporating 66 Vestas 3.6 MW V136 wind turbines.  Vestas is also providing turbine service and maintenance to the project under a 20-year agreement.  An affiliate of Longroad Energy is contracted to provide balance of plant, asset management, and 24/7 monitoring services.  Commercial operation is scheduled for June 2019.  Longroad Energy is deploying safe-harbored PTC components purchased at the end of 2016 to qualify for 100% PTC value.

The construction costs are approximately $300 million with Longroad Energy investing approximately $100 million as sponsor.  A subsidiary of Berkshire Hathaway Energy is providing the balance of the permanent financing.  Construction financing is led by KeyBanc Capital Markets as Coordinating Lead Arranger, and HSBC, CIBC, Zions Bank, and National Australia Bank as Joint Lead Arrangers.

The project has entered a 15-year energy hedge with Citigroup Energy Inc.

“We are pleased to have taken Rio Bravo across the finish line to financing and construction and we look forward to the project coming on line next year.  We are grateful for all the support we received from the local community, especially the project’s landowners, Starr County, Starr County Memorial Hospital, Roma Independent School District, South Texas College, and the Starr County Industrial Foundation,” said Paul Gaynor, CEO of Longroad Energy.

Longroad Energy is evaluating long term ownership options and has retained KeyBanc Capital Markets to explore a potential sale of the project equity.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services.  Today, Longroad Energy owns and operates 684 MW of wind and solar projects across the United States in addition to operating and managing a further 552 MW of wind and solar projects on behalf of third parties.

Longroad Energy is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.

Move Accelerates Build-Out of Longroad Energy’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 Energy”) 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 Energy’s target markets. The Longroad Energy and 7X team will develop these projects and will work together to continue to grow Longroad Energy’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 Energy. “7X is bringing in-depth market knowledge and an accomplished team that can get these deals done,” added Spiliotis.

Longroad Energy’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 Energy,” 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 Energy, 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 Energy 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.

7X Energy, Inc. Media Contact
Dave Wolpert
Director of Marketing and Communications
dave.wolpert@7x.energy
www.7X.energy

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 Energy”) 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 Energy purchased the components from Vestas American Wind Technology, Inc. Longroad Energy 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 Energy. We look forward to bringing low-cost projects to the market,” said Paul Gaynor, CEO of Longroad Energy.

Chris Brown, President of Vestas North America, added: “We are happy to continue our long-standing and successful relationship with the Longroad Energy 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 Energy’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 Energy also provides asset management and operations services. Longroad Energy is owned by The New Zealand Superannuation Fund, Infratil Limited, and management.

BOSTON MA, and SAN FRANCISCO, CA, October 5, 2016/BUSINESSWIRE/ – Longroad Energy Holdings, LLC (“Longroad Energy”) 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 Energy 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 Energy’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 Energy 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 Energy provides a complete solution to market participants.

Longroad Energy 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 Energy’s efforts and its mandate is flexible and without fund life constraints. Longroad Energy is led by Paul Gaynor, Michael Alvarez, Pete Keel, and Charles Spiliotis.

The investment by Infratil and the New Zealand Superannuation Fund into Longroad Energy 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 Energy also provides asset management and operations services.