Author: Eric Rotramel

Nearing completion, Sun Streams 3’s battery storage yard is comprised of one million battery cells spanning 15 acres

Arlington, AZ – April 24, 2024 – Arizona Governor Katie Hobbs, Arizona Corporation Commission (ACC) Commissioner Lea Marquez Peterson, and executives from Arizona Public Service (APS), Longroad Energy (Longroad), McCarthy Building Companies (McCarthy), and U.S. Bancorp Impact Finance (Impact Finance) attended a ribbon cutting ceremony today at the Longroad Sun Streams Complex located in Maricopa County. The occasion celebrated the progress made to date at the 6,000+ acre solar and storage complex and the many benefits it is delivering to Arizona, including generating clean, solar energy to power 200,000 average American homes, supporting 1,000 construction jobs and providing more than $300 million in benefits to Arizona schools and communities through its long-term leases with the Arizona State Land Department and tax remittances.

The Longroad Sun Streams Complex is comprised of three projects that total 862 MWdc (665 MWac) of solar and 515 MWac / 2060 MWh storage.

“The Longroad Sun Streams Complex is a powerful example of how responsible land stewardship, and the ambitious expansion of renewable energy infrastructure delivers a wealth of benefits to Arizona citizens,” said Arizona Governor Katie Hobbs. “Revenues of $300 million generated through land leases and taxes are directly benefitting Arizona schools and communities. The Sun Streams projects will provide a clean energy source to support grid reliability and help ensure Arizona citizens stay cool on the hottest summer days. Additionally, Sun Streams is generating family-sustaining construction jobs, and supporting a skilled work force in the clean energy sector that is helping to position our state as a hub for innovation and sustainability.”

“It was an honor to welcome today Governor Hobbs, Arizona officials, and our valued partners to our flagship Longroad Sun Streams Complex to mark the progress that has been made with this large-scale renewable energy infrastructure and its impact on Arizona,” said Paul Gaynor, CEO of Longroad Energy. “We want to recognize and thank the many officials from the Arizona State Land Department and Maricopa County who have been instrumental in advancing the Sun Streams Complex, which represents over $2 billion of investment. We are exceedingly proud of what we have collectively been able to achieve, especially the beneficial impacts we are delivering by harnessing Arizona’s powerful solar resource to ensure reliable power during the peak summer months and to reduce emissions, while strengthening the local economy through our leases, taxes, and the jobs we help to create. It has been a privilege to work with the state entities and our partners, and we look forward to continued efforts in Arizona as we make strides on the long road to a greener future.”

“As Arizona continues to diversify our energy mix with clean generation sources, the Longroad Sun Streams Complex is a great example of the value and progress that large-scale solar energy is bringing to the ratepayers and the state at large,” said Commissioner Lea Marquez Peterson, Arizona Corporation Commission. “The combination of solar paired with extensive battery storage will offer a carbon-free energy solution to address summertime peak demand, supporting energy reliability when Arizonans need it most.”

The total output of the two largest projects in the Complex, Sun Streams 3 and Sun Streams 4, has been purchased by APS via long-term Power Purchase Agreements (PPAs). The projects will help support system reliability in Arizona, particularly during the peak demand summer months.

“APS provides around-the-clock service our customers count on, especially during Arizona’s hottest summer days,” said Ann Becker, APS Vice President of Sustainability. “Our commitment to the Sun Streams Complex project will further strengthen our diverse supply of energy resources in a reliable, clean, and cost-effective way. In addition to solar power generation, the battery storage will capture the sun’s energy to be used during times of the day when customers need it most and the sun is no longer shining.”

McCarthy, whose Renewable Energy team is based in Phoenix, has been the engineering, procurement and construction (EPC) contractor for the three projects in the Longroad Sun Streams Complex.

“The impact that Longroad’s Sun Streams Complex is having on our state is significant,” said Scott Canada, Executive Vice President of McCarthy’s Renewable Energy team. “Longroad’s investment in Arizona’s energy infrastructure goes beyond providing power for Arizona residents and businesses – they are helping to create more jobs in the state’s growing energy sector and supporting Arizona families today and into the future. It’s an honor to partner with Longroad, and to be part of the positive impact that this energy complex is having on Arizona.”

Impact Finance has been the sole tax equity investor for the two largest Sun Streams projects.

U.S. Bancorp Impact Finance Director of Renewable Energy Investments Darren Van’t Hof said, “Our investments combine purpose and profitability, so we intentionally consider social and environmental impact in our decision-making. Our financing of Sun Streams represents one of our most impactful projects to date providing clean, renewable energy and jobs for years to come. Longroad has consistently shared our commitment to the environment. We are pleased to be a part of this project and collaborate with the people who made it happen.”

“We are proud to be part of this financing which is an excellent demonstration of our social and environmental commitments,” said U.S. Bancorp Impact Finance Chief Investment and Product Officer Sunil Rajpurohit. “It leverages our multi-faceted and industry-leading environmental finance platform by providing a comprehensive suite of products including both tax equity and debt to accelerate the broader efforts supporting the transition to a greener economy.”

Longroad Sun Streams Complex

The Longroad Sun Streams Complex is currently comprised of three projects. When complete, the Complex will include over 950 MWdc of solar and 600 MWac / 2500 MWh storage.

• Sun Streams 2 – 200 MWdc solar project. Operational since mid-2021.
• Sun Streams 3 – 285 MWdc solar and 215 MWac / 860 MWh storage project. Commercial operations in 2024.
• Sun Streams 4 – 377 MWdc solar and 300 MWac / 1200 MWh storage project. Sun Streams 4 is Longroad’s largest project to date. It reached its peak construction milestone 2024 with commercial operations expected by mid-2025.

All three projects utilize responsibly produced modules from Arizona-headquartered First Solar and trackers from Nextracker. The battery energy storage systems (BESS) at both Sun Streams 3 and 4 are provided by Powin. Comprehensive operations and maintenance services for Longroad’s three projects will be provided by Arizona-based Novasource.

The Sun Streams 3 battery yard, which is nearing completion, spans more than 15 acres. Approximately one million battery cells are being installed.

Together, the three Longroad Sun Streams projects represent 1,4000,000 metric tons of avoided CO₂ emissions annually – this is the amount of CO₂ that would be generated by four natural gas-fired power plants.

For more information, visit the Longroad Sun Streams Complex webpage.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 5.4 GW of renewable energy projects across the United States and has raised over $14.5 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 3.5 GW of wind, solar, and storage projects and operates and manages a total of 5.5 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

Media Contact
Heather Robb
Heather@hrobb.com

Longroad’s first project to use First Solar’s American-made Series 7 panels begins construction

Boston, MA – Mar. 12, 2024 – Longroad Energy, a U.S. based renewable energy developer, owner and operator, announced today the financial close of Serrano, its 220 MWdc solar and 214 MWac / 855 MWh storage project in Pinal and Pima Counties, Arizona. Serrano is Longroad’s first project to utilize First Solar’s domestically manufactured Series 7 panels. The project has commenced construction and commercial operations for Serrano is currently expected by mid-2025.

The output of the Serrano project will be purchased by Arizona Public Service (APS) via a long-term Power Purchase Agreement (PPA). The project will generate enough electricity to power roughly 61,000 Arizona homes, and will support grid reliability, particularly during Arizona’s hot summer months.

“Longroad is pleased that our Serrano project has achieved the milestones of financial closure and commencement of construction,” said Paul Gaynor, CEO of Longroad Energy. “We are proud to support American manufacturing and the domestic solar supply chain as we expand our solar footprint in the robust Arizona market, which now surpasses 1.5 GW of operating or under construction projects. Longroad is grateful to our banking partners, APS, McCarthy, and state and county authorities as we move forward to bring this important project to commercial operations.”

“APS is widely regarded for providing top-quality, reliable service to our customers, and solar plus storage resources like the Serrano project bring value to Arizonans,” said Brian Cole, APS Vice President of Resource Management. “Our investment in cost-effective, renewable projects enhances our diverse energy mix, providing customers with power that is reliable, affordable and clean.”

Serrano represents the continuation of a longstanding partnership between U.S.-based solar manufacturer First Solar and Longroad. Serrano is the fourth Arizona project using First Solar’s responsibly produced modules that Longroad has financed in four years, and Longroad’s first to use thin-film Series 7 modules.

“We congratulate Longroad on progressing this Arizona project, which will be enabled by American-made solar technology and, as a result, directly support U.S. manufacturing and jobs,” said Georges Antoun, Chief Commercial Officer, First Solar. “That Longroad has successfully closed financing is a testament to the bankability of the project and the solar module technology powering it.”

Debt financing was led by CIBC and Societe Generale and included ANZ, PNC, Commerzbank AG, and U.S. Bancorp Impact Finance. CIBC acted as Coordinating Lead Arranger, Administrative Agent, Collateral Agent, and Green Loan Coordinator. Societe Generale acted as Coordinating Lead Arranger. U.S. Bancorp Impact Finance served as Joint Lead Arranger and Depositary Bank. Athene Annuity and Life Insurance Company, an affiliate of Apollo Global Management, is the project’s tax equity investor and was advised by Apterra Infrastructure Capital.

“As a strategically important project for the state of Arizona and for Longroad Energy, CIBC is proud to have led this financing for Serrano as Co-Coordinating Lead Arranger, Green Loan Coordinator and Administrative Agent,” said Peter O’Neill, Head of U.S. Project Finance and Infrastructure at CIBC. “Our continued role in supporting Longroad in the build out of their development pipeline is one example of CIBC’s commitment to the U.S. renewable energy and energy transition space as we work towards enabling a more sustainable and inclusive economy.”

“Supporting projects like Serrano that positively contribute to clean energy goals, surrounding communities and the environment is the cornerstone of SG’s renewables practice,” said Ahmed Maqsood, Director at Societe Generale’s Energy+ Group. “We are thrilled to have supported a premier sponsor like Longroad Energy in growing their portfolio and footprint in the U.S.”

McCarthy Building Companies (McCarthy) is the engineering, procurement and construction (EPC) contractor on Serrano. The Serrano project is the fourth large-scale solar facility in Arizona being built by McCarthy for Longroad and is expected to employ over 300 people during the construction process. McCarthy is utilizing registered apprentices and will be paying prevailing wage to all workers on the project, in accordance with the Inflation Reduction Act (IRA).

“It’s incredibly rewarding to be working with Longroad Energy to expand its renewable energy portfolio in Arizona and elsewhere around the U.S.,” said Dan Brown, senior vice president of operations with McCarthy’s Renewable Energy team. “Working with a partner who shares our team’s goals for establishing reliable and sustainable energy infrastructure accessible to all has been instrumental in finding innovative solutions to project challenges and streamlining the planning and development process. We’re thrilled to be with Longroad on another impactful solar project in Arizona.”

Serrano’s 214 MWac / 855 MWh battery energy storage system (BESS) will be provided by U.S.-based energy storage platform provider Powin. The BESS will include SMA inverters and cells from AESC, which will be integrated into Powin’s Modular and Scalable CentipedeTM Energy Storage Platform. Longroad, in conjunction with Powin and NovaSource Power Services, will provide long-term operations and maintenance services for the BESS.

Nextracker is supplying trackers for the project and Sungrow is supplying the solar inverters. Comprehensive operations and maintenance services for the project will be provided by NovaSource Power Services and Longroad’s affiliate Longroad Energy Services.

Environment and Community

Serrano represents over 330,000 metric tons of avoided CO2 emissions annually – the equivalent of taking approximately 75,000 gas-powered cars off the road for as long as the project operates.

Over the project’s useful life, Serrano will contribute more than $25 million in revenue for Arizona schools and communities through its long-term Right of Way grant with the Arizona State Land Department and tax remittances. Longroad extends its thanks to staff and officials from Pinal County, Pima County, and the Arizona State Land Department for their continued collaboration during development and construction of the project.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 5.4 GW of renewable energy projects across the United States and has raised over $14.5 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 3.5 GW of wind, solar, and storage projects and operates and manages a total of 5.5 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

Media Contact
Heather Robb
Heather@hrobb.com

Boston, MA – Nov. 27, 2023 – Longroad Energy Holdings, LLC (“Longroad”), a U.S. based renewable energy developer, owner and operator, announced today that it has closed $600 million in debt financing to further accelerate the growth of its wind, solar, and battery portfolio. The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility. The new financing follows the August 2022 $500 million equity investment by Infratil, New Zealand Superfund, and MEAG, and which also marked Longroad’s strategic shift toward primarily project ownership rather than project sales.

“This additional capital will fuel the expansion of our owned operational fleet to more than 9 GW by 2027, and support our robust 30 GW pipeline of development projects,” said Paul Gaynor, CEO of Longroad. “We appreciate the continued confidence of our investors and banking partners in Longroad’s platform and execution. We are excited to welcome and thankful for the institutions who have come into this new financing.”

The syndicated corporate credit facility was led by Apterra infrastructure capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.9 GW of renewable energy projects across the United States and has raised over $12.8 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 3.1 GW of wind, solar, and storage projects and operates and manages a total of 5.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

Media Contact
Heather Robb
Heather@hrobb.com

Longroad’s largest project signs offtake agreement with Arizona Public Service, and begins construction

Boston, MA – Nov. 1, 2023 – Longroad Energy, a U.S. based renewable energy developer, owner and operator, announced today the financial close and start of construction of Sun Streams 4, its 377 MWdc PV and 300 MWac / 1200 MWh storage project. Sun Streams 4 is Longroad’s largest solar and storage project to date, and is the company’s third project in its Sun Streams complex based in Maricopa County, AZ. Commercial operations for Sun Streams 4 is currently expected by mid-2025.

Sun Stream 4’s total output, enough to power 120,000 homes, will be purchased by Arizona Public Service (APS) via a long-term Power Purchase Agreement (PPA). The project will help support system reliability in Arizona, particularly during the peak demand summer months.

“Longroad continues to make significant strides with our flagship Sun Streams portfolio in the important Arizona market,” said Paul Gaynor, CEO of Longroad Energy. “A landmark project for us, Sun Streams 4 has the distinction of being Longroad’s largest project to date by both megawatts and investment capital, and one of our first projects to incorporate provisions from the historic Inflation Reduction Act. The project’s other notable attributes include our second PPA negotiated with APS, one of U.S. Bancorp Impact Finance’s largest ever tax equity investments, and our third project being built by McCarthy in the Sun Streams cluster of projects. Longroad is grateful to APS, our lenders led by CIBC, U.S. Bancorp Impact Finance, and to the state and county authorities for their ongoing support.”

“Arizona is experiencing rapid growth and development, and with the demands of our hot summer months, APS customers will continue to count on reliable power as we invest in additional energy resources,” said Justin Joiner, APS Vice President of Resource Management. “This project will add more solar power to our diverse and balanced energy portfolio and provide long-term value to our customers.”

The project is part of the Sun Streams portfolio that Longroad acquired from First Solar in early 2021. In addition to Sun Streams 4, the portfolio includes:

• Sun Streams 2 – 200 MWdc solar project which has been operational since mid-2021
• Sun Streams 3 – 285 MWdc PV and 215 MWac / 860 MWh storage project currently under construction with commercial operations expected in 2024

In a continuation of their longstanding partnership, First Solar will supply Longroad with its Series 6 Plus solar modules for Sun Streams 4.

“We congratulate Longroad on achieving this important milestone and, as an Arizona-headquartered company, look forward to having our advanced American thin film solar technology deliver electricity to the state,” said Georges Antoun, Chief Commercial Officer, First Solar.

Debt financing was led by CIBC and included ANZ, PNC, BNP Paribas, Commerzbank AG, CoBank, U.S. Bancorp Impact Finance, National Australia Bank, and Société Générale. CIBC acted as Coordinating Lead Arranger, Administrative Agent, and Collateral Agent, and ANZ served as Joint Lead Arranger and Green Loan Coordinator. U.S. Bancorp Impact Finance served as Joint Lead Arranger and Depositary Bank.

“We are proud to be part of this financing which is an excellent demonstration of our environmental commitments,” said U.S. Bancorp Impact Finance Chief Investment and Product Officer Sunil Rajpurohit. “It leverages our environmental finance platform by providing a comprehensive suite of products including both tax equity and debt to accelerate the broader efforts supporting the transition to a greener economy.”

U.S. Bancorp Impact Finance Director of Renewable Energy Investments Darren Van’t Hof added, “Our financing of Sun Streams 4 represents one of our most impactful projects to date providing clean, renewable energy and jobs for years to come. Longroad has consistently shared our commitment to the environment, and we couldn’t be more pleased with this project and all the people who made it happen.”

“Sun Streams 4 is another strategically important project for the state of Arizona and for Longroad Energy. We are proud to have led this landmark financing, the largest for Longroad to date, as the sole Coordinating Lead Arranger and Admin Agent for the project,” said James Wright, Head of U.S. Project Finance and Infrastructure at CIBC. “Our leadership role on Sun Streams 4 is another example of CIBC’s commitment to being a leader in the U.S. Renewable Energy and broader Energy Transition space.”

During the construction period Sun Streams 4 is expected to employ over 200 people. McCarthy Building Companies (McCarthy), whose Renewable Energy team is based in Phoenix, Arizona, was selected as the engineering, procurement and construction (EPC) contractor on the project. McCarthy built the award-winning Sun Streams 2 project and is completing construction of Sun Streams 3. The project will pay prevailing wage and utilize registered apprentices in accordance with the Inflation Reduction Act (IRA).

“The positive impact that Longroad is having on Arizona’s transition to sustainable renewable energy by developing another large-scale solar project with battery storage is incredible,” said Scott Canada, Executive Vice President of McCarthy’s Renewable Energy team. “We’re proud to be partnering with Longroad and its customers to further our shared mission of making clean energy options available to communities around Arizona and across the U.S. while also creating career opportunities in the ever-growing solar industry through our training and apprenticeship programs.”

Sun Stream 4’s 300 MWac / 1200 MWh battery energy storage system (BESS) will be provided by U.S.-based energy storage platform provider Powin. The BESS will include SMA inverters and cells from AESC, which will be integrated into Powin’s Modular and Scalable Centipede^TM Energy Storage Platform. Longroad, in conjunction with Powin and NovaSource Power Services, will provide long-term operations and maintenance services.

Nextracker is supplying trackers for the project and Sungrow is supplying the solar inverters. Comprehensive operations and maintenance services for the project will be provided by NovaSource Power Services and Longroad’s affiliate Longroad Energy Services.

Environment and Community

Sun Streams 4 represents over 625,000 metric tons of avoided CO₂ emissions annually – the equivalent of taking approximately 140,000 gas-powered cars off the road for as long as the project operates. The Sun Streams 4 design includes numerous wildlife corridors which are designed to protect native species habitat and allow wildlife passage through the project area.

Over the project’s useful life, Sun Streams 4 will contribute more than $100 million in revenue for Arizona schools and communities through its long-term leases with the Arizona State Land Department and tax remittances. Longroad extends its thanks to staff and officials from the Arizona State Land Department and Maricopa County for their continued collaboration during development and construction of the Sun Streams projects.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.9 GW of renewable energy projects across the United States and has raised over $12.8 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 3.1 GW of wind, solar, and storage projects and operates and manages a total of 5.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

Media Contact
Heather Robb
Heather@hrobb.com

Responsibly produced advanced thin film solar modules expected to be delivered between 2027 and 2029

TEMPE, Ariz., September 12, 2023 – First Solar, Inc. (NASDAQ: FSLR) today announced that Longroad Energy, a US-based renewable energy developer, owner, and operator, has agreed to procure an additional 2 gigawatts (GW) of advanced thin film American solar modules. The order for responsibly produced solar modules, which are expected to be delivered between 2027 and 2029, builds on an existing 3.7 GW framework agreement between the two companies and increases Longroad Energy’s total procurement of First Solar thin film modules to approximately 8 GW since 2017.

“Longroad Energy and First Solar share a longstanding partnership that’s based on shared values and a common vision for a sustainable energy future,” said Michael Alvarez, co-founder and chief operating officer, Longroad Energy. “By expanding our procurement of First Solar’s advanced thin film technology, we are extending our commitment to responsibly produced renewable energy technologies and to American solar manufacturing and domestic value chains.”

First Solar’s responsibly produced, advanced thin film photovoltaic (PV) modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. First Solar’s solar modules have the lowest carbon and water footprint of any commercially available PV module today, and it’s the first PV manufacturer to have its product included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.

First Solar is the only one of the world’s ten largest solar manufacturers to be a member of the Responsible Business Alliance (RBA), the world’s largest industry coalition dedicated to supporting the rights and well-being of workers and communities in the global supply chain, and the company has zero tolerance for forced labor in its manufacturing or its supply chains. The company is believed to be the first among the world’s largest solar manufacturers to have conducted third-party social audits across its operational global manufacturing footprint.

“Our ability to deliver certainty of pricing and supply, domestic manufacturing and supply chains, and a responsibly made solar module optimized for energy provides the value customers, such as Longroad, seek,” said Georges Antoun, chief commercial officer, First Solar. “We are thrilled that Longroad Energy has decided to underpin its continued growth with First Solar’s technology and look forward to growing this partnership.”

Since the start of this decade, First Solar has embarked on a manufacturing expansion strategy that has seen it grow from approximately 6 GW in 2020 to 13 GW of global operational nameplate capacity today, with further expansion expected to take it to 25 GW of global nameplate capacity in 2026. First Solar commissioned its third Ohio factory earlier this year and is expected to complete a new facility in Alabama and the expansion of its existing Ohio footprint in 2024. The company has also announced that it will complete a fifth US facility, to be located in Louisiana, in the first half of 2026. Additionally, the company is investing up to $370 million in a dedicated R&D innovation center in Perrysburg, Ohio, which is expected to be completed next year.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.3 GW of renewable energy projects across the United States and has raised $10 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 2.4 GW of wind, solar, and storage projects, which are operating or under construction, and operates and manages a total of 4.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements, which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to statements concerning 1) an order for approximately 2 GW of solar modules by Longroad Energy; 2) the expectation that the modules will be delivered between 2027 and 2029; 3) First Solar’s plan to complete its fourth factory in Alabama and expansion of its existing manufacturing footprint; 4) First Solar’s expectation that it’s new manufacturing facility in Louisiana will be completed in the first half of 2026; and 5) the expectation that it will invest up to $370 million in a dedicated R&D innovation center in Ohio that will be completed in 2024. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.

Media Contact

Reuven Proença
First Solar Media
media@firstsolar.com

Heather Robb
Longroad Energy Media
Heather@hrobb.com

Investors

Richard Romero
First Solar Investor Relations
investor@firstsolar.com

Boston – July 18, 2023 – Longroad Energy [Longroad], a U.S. based renewable energy developer, owner, and operator, and Black Stone Minerals, L.P. (NYSE:BSM) [“Black Stone Minerals,” “Black Stone”], announced today a multi-year transaction to promote the development of renewable energy. The terms provide Longroad with exclusive access to several thousand Black Stone acres across 12 states for potential large-scale solar development while preserving Black Stone’s ability to co-develop its mineral and subsurface rights. This is a seminal agreement and first of its kind for both Black Stone and Longroad.

“We are pleased to broaden our relationship with Longroad, which began with a mineral transaction as part of their Umbriel Solar project in Polk County, Texas,” said Fowler Carter, Director of New Ventures from Black Stone Minerals. “The Longroad team has ambitious goals focused on developing renewable energy projects on surface rights, a strategy that is complementary to our holdings. This unique transaction allows Black Stone to optimize our assets, giving us exposure to the attractive utility-scale solar market, while at the same time preserving our underlying mineral rights.”

“As Longroad continues to scale our development efforts, this arrangement with Black Stone provides a dual avenue to rapidly expand our portfolio and reduce execution risk,” said Adam Horwitz, VP of Origination and Development at Longroad Energy. “The certainty and structure afforded by this agreement will allow Longroad and Black Stone to transact efficiently and repeatedly. We look forward to working closely with the Black Stone team to deliver a new renewable energy value stream to their existing portfolio.”

The agreement applies to regions where Longroad has a proven track record of solar development as well as new areas the company has targeted for expansion.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.3 GW of renewable energy projects across the United States and has raised $10 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 2.4 GW of wind, solar, and storage projects, which are operating or under construction, and operates and manages a total of 4.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

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

Media Contact
Heather Robb
Heather@hrobb.com

For Black Stone Minerals:
Evan Kiefer
713.445.3200

• Longroad’s first PV project in Virginia has begun construction.
• First utility-scale solar project to receive Virginia Pollinator-Smart biodiversity certification.

Boston, MA – April 11, 2023 – Longroad Energy, a U.S. based renewable energy developer, owner, and operator, announced today the sale of its 108 MWdc (83 MWac) Foxhound Solar project to Dominion Energy. Foxhound, located in Halifax County, Virginia, has reached full notice to proceed and has begun construction. The project has been in development for six years and will produce enough clean energy to power more than 17,000 homes. Financial close of the Foxhound acquisition is expected upon mechanical completion of the project which is anticipated for January 2024.

“Foxhound marks Longroad’s first solar project in Virginia and our first greenfield development project in PJM,” said Paul Gaynor, CEO of Longroad Energy. “We are pleased that Dominion Energy will be acquiring Foxhound to help support the sustainability goals of its key customers and renewable energy objectives set out in the Virginia Clean Economy Act. The project will be an important resource for Halifax County, and we are proud of Foxhound’s certification as Virginia Pollinator-Smart for its biodiversity commitments.”

The project has long-term Power Purchase Agreements (PPAs).

KeyBank N.A. and HSBC served as lenders. Balch & Bingham served as Longroad’s counsel on the transaction.

Biodiversity

Foxhound is the first utility-scale project to be certified as Virginia Pollinator-Smart, a biodiversity program overseen by the Virginia Department of Conservation and Recreation (DCR) and the Virginia Department of Environmental Quality (DEQ). As part of its certification, the Foxhound project will use native plant species under the solar panels and a pollinator-friendly seed mix around the arrays. The project’s use of pollinator plant species will help support beneficial native insect, bird and other wildlife populations while improving soil stabilization and water retention among many other ecosystem services.

“Planting species native to Virginia – whether at our state parks, on a solar energy facility, or in your backyard – helps to preserve the Commonwealth’s special natural heritage and biodiversity,” said Virginia DCR Director Matt Wells. “The benefits of Foxhound’s pollinator habit – both around the array and under the panels – will have a positive impact both on the project and the surrounding area. We commend Longroad Energy’s commitment to supporting biodiversity by being the first utility-scale solar project to achieve Virginia Pollinator-Smart certification.”

In addition to generating property taxes for Halifax County and the State of Virginia, Foxhound has also made a contribution of $200,000 to Halifax County that will be used to support county services like Fire/EMS and other economic development efforts.

U.S. based First Solar is supplying Foxhound with its domestically made Series 6+ solar modules. Nextracker is supplying trackers for the project and TMEIC is supplying the solar inverters. Foxhound is projected to employ 150-200 workers during peak construction.

To more accurately inventory the carbon and greenhouse gas impacts of the project, Longroad engaged a third party to perform a robust assessment of Foxhound. The independent analysis found that the project represents approximately 45,000 metric tons of avoided CO₂ emissions annually – the equivalent of taking more than 10,000 cars off the road each year for as long as the project operates.

Longroad extends its thanks to Scott Simpson, Halifax County Administrator, and his office for their support and collaboration through the development and construction of the Foxhound project.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.3 GW of renewable energy projects across the United States and has raised $10 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 2.4 GW of wind, solar, and storage projects and operates and manages a total of 4.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

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

Media Contact
Heather Robb
Heather@hrobb.com

Boston, MA – Feb. 7, 2023 – Longroad Energy, a US based renewable energy developer, owner and operator, announced today financial close and commencement of construction of Umbriel Solar, a 202 MWdc (150 MWac) PV project located in Polk County Texas. Umbriel is Longroad’s sixth greenfield renewable energy project in Texas to reach financial close and is the company’s first project in Texas’s MISO footprint. Development of Umbriel began in 2017, and the project is expected to reach commercial operations by the end of this year.

“Texas continues to be an attractive market for solar development, and we are pleased to achieve financial close and begin construction on Umbriel,” said Adam Horwitz, VP of Origination and Development Operations at Longroad Energy. “Umbriel’s closing marks over 1.7 GW of total wind and solar projects developed, financed, and built in Texas by the Longroad team. Thank you to our many project participants and partners who made reaching this important milestone possible.”

Umbriel’s total output, enough to power more than 30,000 homes, will be purchased by Entergy Texas Inc. (ETI) via a long-term Power Purchase Agreement (PPA).

“Umbriel Solar marks a major milestone, as it will be our first solar resource to come online, further diversifying our portfolio,” said Abigail Weaver, Entergy Texas director of resource planning and market operations. “Our communities are increasingly asking for clean-energy offerings, and this facility will provide affordable, reliable and sustainable energy for years to come.”

The debt facilities were provided by Zions Capital Markets as a Coordinating Lead Arranger and Administrative Agent, Silicon Valley Bank as a Coordinating Lead Arranger, and Rabobank as a Joint Lead Arranger. Longroad separately arranged tax equity for Umbriel.

“We are pleased to have taken a leadership role in the financing for this important solar project,” said Robert Park, Head of Power & Project Finance at Zions Capital Markets. “This continues the longstanding relationship between Longroad and Zions.”

The project will be constructed by McCarthy Building Companies. During construction, Umbriel is projected to employ close to 300 people.

The major project vendors include:

• Domestically supplied Series 6/6+ modules by First Solar
• PV inverters supplied by Power Electronics
• Trackers supplied by Nextracker
• Operations and maintenance services will be provided by NovaSource and by Longroad’s affiliate Longroad Energy Services

Umbriel is expected to achieve avoided emissions of approximately 250,000 metric tons of CO2 emissions annually, the equivalent of taking approximately 55,000 gasoline-powered cars off the road for each year that the project is operating.

During operations, the project is projected to generate over $9 million for the Livingston Independent School District (LISD), and over $4 million in tax revenue to Polk County. Longroad extends thanks to the staff and officials at the LISD and Polk County for their support and collaboration throughout development and construction of the Umbriel project.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.3 GW of renewable energy projects across the United States and has raised $10 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 2.4 GW of wind, solar, and storage projects and operates and manages a total of 4.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

Media Contact
Heather Robb
Heather@hrobb.com

January 31, 2023 – Longroad Energy welcomes today’s confirmation by the Maine Public Utilities Commission that it intends to move forward with the King Pine Wind project and the transmission line to be developed by LS Power through a cooperative approach with Massachusetts. This is a key milestone in the effort to establish a new, large source of clean energy while making substantial investments in Aroostook County and the state as a whole.

“This is an important moment in the efforts to invest in northern Maine and provide the area with the electric infrastructure it has long lacked, and also create 1,000 megawatts of renewable wind energy that will help lower wholesale electricity prices, reduce price volatility, and further the state’s climate goals,” said Matt Kearns, Longroad’s chief development officer. “We appreciate the work that both Maine and Massachusetts have put into this process and look forward to continuing to work with both states, as well as the people of Aroostook County and other stakeholders, to make this project a success.”

Media Contact
For Maine media inquiries, please contact Dave Wilby at dwilby@wilbypublicaffairs.com
For all other media inquiries, please contact Heather Robb at heather@hrobb.com

Construction has begun on Longroad’s Maricopa County-based PV + storage project

Boston, MA – Jan. 18, 2023 – Longroad Energy, a U.S. based renewable energy developer, owner and operator, announced today the financial close and commencement of construction of Sun Streams 3, its 285 MWdc PV and 215 MWac / 860 MWh storage project located in Maricopa County, Arizona. Sun Streams 3 is expected to begin commercial operations in 2024 and will be the largest solar and storage project in Longroad’s operational portfolio.

“We are pleased to have achieved the key milestones of financial close and commencement of construction on Sun Streams 3, the latest phase of our flagship solar plus storage complex located at one of the most significant power hubs in the western U.S.,” said Paul Gaynor, CEO of Longroad Energy. “Arizona is an important growth market, and Longroad currently has a 4 GW operating and development portfolio in the state. Longroad believes the 2022 Inflation Reduction Act will enable further development in the state and provide significant benefits for utilities and ratepayers. We are grateful to APS, our lenders led by CIBC and KeyBank, and U.S. Bank as our tax equity investor, as we move forward to bring this significant project to commercial operation.”

The project interconnects with the grid at the Hassayampa switchyard, a major transmission hub in the western U.S. Sun Streams 3 will enhance electrical capacity and system reliability in Arizona; the project’s total output, enough to power 90,000 homes, will be purchased by Arizona Public Service (APS) via a long-term Power Purchase Agreement.

“Arizona is one of the fastest growing states in the country, and it’s our responsibility to keep the lights on year-round for the communities we serve — from homes to hospitals to manufacturing centers,” said Justin Joiner, APS Vice President of Resource Management. “The energy generated by this project will assist APS as we transition to a 100% clean and carbon-free resource mix by 2050 and is one way we are maintaining an affordable, resilient and balanced energy supply for all our customers.”

Longroad acquired Sun Streams 3 from First Solar in early 2021 as part of a larger transaction that included multiple projects in Arizona, including the 200 MWdc Sun Streams 2 solar project which has been operational since 2021 and additional projects which are still in development. Continuing their strong partnership, First Solar is supplying Series 6+ solar modules for the Sun Streams 3 project.

Debt financing was led by CIBC and KeyBank, and included ANZ, Commerzbank, PNC and Silicon Valley Bank. KeyBanc Capital Markets and CIBC served as Coordinating Lead Arrangers. U.S. Bank is the project’s tax equity investor.

“We are proud to partner with Longroad Energy on Sun Streams 3, a strategically important project for the state of Arizona,” said James Wright, Head of U.S. Project Finance and Infrastructure at CIBC. “This is another example of CIBC’s commitment to helping our clients achieve their sustainability ambitions, and we are thrilled to lead this significant financing.”

“Longroad Energy has an exceptional reputation as a leading developer of solar and storage projects. We are confident Sun Streams 3 will add to their successful track record,” said Tyler Nielsen, director for KeyBanc Capital Markets’ Utilities, Power and Renewable Energy Group. “We appreciate our collaboration with Longroad Energy on this financing and look forward to continued opportunities to support their growth.”

“We believe everyone has a role to play in creating a sustainable future and helping reduce the impacts of climate change,” said Eric Barr, business development officer with U.S. Bancorp Community Development Corporation’s Environmental Finance team. “Investments like this are one way we can do our part and we’re proud to partner again with Longroad to expand access to clean energy.”

During construction, Sun Streams 3 is projected to employ over 300 people. McCarthy Building Companies (McCarthy), whose Renewable Energy & Storage team is based in Phoenix, Arizona, was selected as the EPC (engineering, procurement and construction) contractor on the project. McCarthy also built Longroad’s adjacent 200 MWdc Sun Streams 2 solar project, which recently received the 2022 Best Energy Project in the Southwest Award from Engineering News Record.

“Longroad is a leader in the renewable energy transition and we’re proud to be partnering with them again for the Sun Streams 3 solar project,” said Scott Canada, Executive Vice President of McCarthy’s Renewable Energy & Storage team. “It’s very rewarding for our team to be part of building a more sustainable energy infrastructure in Arizona, in partnership with Longroad, and to also be providing members of the local community with career opportunities in the expanding solar industry.”

The 215 MW/ 860 MWh battery energy storage system (BESS) will be delivered by Powin, a U.S.-based energy storage platform provider with over 17 GWh of projects deployed, under construction, or in contracting. The BESS will include SMA inverters and cells from Envision AESC, which will be integrated into Powin’s modular and scalable Stack™ 750E energy segment. Longroad, in conjunction with Powin and NovaSource, will provide long-term operations and maintenance services.

Nextracker is supplying trackers for the project and SunGrow is supplying the solar inverters. Comprehensive operations and maintenance services for the project will be provided by NovaSource and Longroad’s affiliate Longroad Energy Services.

The project represents 460,000 metric tons of avoided CO2 emissions annually – the equivalent of taking ~100,000 cars off the road for as long as the project operates.

Sun Streams 3 will generate more than $65 million in revenue for Arizona schools via long-term leases with the Arizona State Land Department. Longroad extends thanks to the Arizona State Land Department and Maricopa County for their continued support and collaboration through the development and construction of the Sun Streams projects.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.3 GW of renewable energy projects across the United States and has raised $10 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 2.4 GW of wind, solar, and storage projects and operates and manages a total of 4.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

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

Media Contact
Heather Robb
Heather@hrobb.com

December 30, 2022 – Massachusetts Department of Energy Resources’ beneficial determination decision is an important step forward to supply residents of the Commonwealth with affordable clean energy. Longroad appreciates the selection of King Pine Wind as a cost-effective, clean energy option under the policies established through the leadership of the legislature and Baker-Polito Administration.  

Coordination between states is critical to the Commonwealth achieving its climate goals – and those of the region as a whole – in the most efficient and cost-effective manner. As a recent study showed, by working together on this initiative, Maine and Massachusetts can deliver significant economic and climate benefits for both states through leveraging the substantial wind resource in Aroostook County.

We look forward to working with stakeholders in both states to make this project a success.

Longroad appreciates the hard work of the staff at DOER and in the Office of the Attorney General in their review of this solicitation under a tight timeline.  

Learn more about DOER’s determination decision here.

Media Contacts

For Maine media inquiries, please contact Dave Wilby at dwilby@wilbypublicaffairs.com
For all other media inquiries, please contact Heather Robb at heather@hrobb.com

San Francisco, CA – Dec. 5, 2022 — Longroad Energy, a US-based renewable energy developer, owner, and operator, announced today it has closed on the acquisition of the 98 MW_dc Titan Solar project (“Titan”) from Sunpin Holdings, LLC (“Sunpin”). Titan is an operating project located in Imperial County, CA that produces enough energy for over 30,000 customers in Southern California.

Simultaneous with the closing, Great Bay Renewables made a royalty investment in Titan to finance the acquisition.

Located in the Imperial Irrigation District (“IID”) territory, Titan sells power into the California Independent System Operator (CAISO) via firm transmission from IID. It reached commercial operations in December 2020.

“Titan is an attractive project as it allows Longroad to expand our footprint in the important CAISO market, while offering an opportunity to optimize value with our operations and development expertise,” said Charles Spiliotis, Longroad Energy’s Chief Investment Officer. “It is the first acquisition since closing our $500 million equity investment, demonstrating Longroad’s objective of rapidly growing our operating portfolio. We are also pleased to partner again with Great Bay Renewables on this acquisition.”

Morgan Stanley is the tax equity investor for the project. Allen & Overy served as Longroad’s counsel on the transaction.

The addition of Titan expands Longroad’s total of operating solar projects in California to approximately 340 MW_dc.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on wind, solar, and storage project development, operating assets, and services. Today, Longroad owns 1.5 GW of wind and solar projects across the United States and operates and manages a total of 3.5 GW of wind and solar projects on behalf of Longroad and third parties. Longroad is owned by the NZ Super Fund, Infratil Limited, MEAG, and Longroad Energy Partners, LLC.

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

Media Contact
Heather Robb
Heather@hrobb.com

Scarborough, ME — Nov. 15, 2022 — Longroad Energy, a US-based renewable energy developer, owner and operator, announced the successful financing and commencement of construction of the Three Corners Solar project in Kennebec County, Maine. The ~$200 million project has been in development for five years, and upon completion in late 2023 or early 2024, will be the largest solar project in Maine.

“We are glad to reach this important milestone and grateful for the support of the towns of Benton and Clinton, Kennebec County, and the residents of the area,” said Scarborough, Maine-based Matt Kearns, Chief Development Officer of Longroad Energy. “$200 million projects do not come along every day in Maine – the Mills administration has fostered an attractive environment for investment in renewable energy. This project will be an important resource for Maine to help meet its clean energy objectives and will deliver significant economic benefits to Kennebec County and the region.”

Total output from the project will be purchased by EDF Energy Services via a long-term Power Purchase Agreement (PPA). EDF Energy Services will use renewable energy generated by the project as supply for its corporate customer load in New England. This PPA sets the record as the largest corporate PPA in the New England power grid signed to date. Three Corners Solar will also contribute to the reliability of the Maine and the New England power grid by providing capacity to the ISO-NE system.

“This transaction demonstrates EDF Energy Services’ continued commitment to helping corporate customers meet their renewable power supply needs and sustainability initiatives,” said Deb Merril, EDF Energy Services President of Retail. “We are committed and proud to share our expertise and knowledge of the markets to help our customers navigate this environment and select an attractive renewables product that allows them to accomplish their goal.”

KeyBank N.A. and U.S. Bank served as lenders and U.S. Bank was the sole tax equity investor for the project. KeyBanc Capital Markets served as Coordinating Lead Arranger.

“We are delighted to provide capital to help Maine meet its clean energy objectives by working with an experienced renewable energy developer like Longroad Energy,” said Tyler Nielsen, Director in KeyBanc’s Utilities, Power and Renewable Energy Group. “This represents our 39th transaction with the Longroad Energy team, and we are proud of our strong, long-term relationship.”

“U.S. Bank has worked with Longroad Energy on four prior tax equity investments, and we’re excited to expand our support as lender as well on this project,” said Colin Witherspoon, Business Development Officer with U.S. Bancorp Community Development Corporation’s (UBCDC) Environmental Finance team. USBCDC is the tax credit and community investment division of U.S. Bank. “Longroad is a great partner with some of the best projects in the country, and a perfect fit to close the first deal on our new environmental finance debt platform. Working together in new and expanded ways, we can help create a more sustainable future and address climate change.”

Three Corners Solar is expected to achieve avoided emissions of approximately 140,000 metric tons of CO² annually, the equivalent of taking ~30,000 cars off the road for as long as the project operates.

In addition to generating ~$8 million in property taxes for host communities and the State of Maine, Three Corners Solar has committed to several community contributions, including:

• $100,000 ($5,000 per year) to local scholarship programs and charitable organizations during the 20-year operating term of the project.
• $100,000 to Unity College to fund internships and research opportunities for faculty and students in renewable energy.
• $25,000 to Sebasticook Regional Land Trust to support conservation efforts.
• The project has conserved ~1,875 acres of predominately forested lands, protecting high value wetlands, deer wintering areas, inland waterfowl wading bird habitat, and critical terrestrial habitat.

The project will use Series 6/6+ modules supplied by U.S.-based First Solar, as well as Nextracker’s single axis tracker technology, and inverters from Power Electronics. The project will be interconnected to the Central Maine Power system.

Longroad’s affiliate, Longroad Energy Services, is the asset manager and operator, and will be providing remote monitoring services to the project over the long term from its Scarborough, ME-based Remote Operations Center (ROC).

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on wind, solar, and storage project development, operating assets, and services. Today, Longroad owns 1.5 GW of wind and solar projects across the United States and operates and manages a total of 3.5 GW of wind and solar projects on behalf of Longroad and third parties. Longroad is owned by the NZ Super Fund, Infratil Limited, MEAG, and Longroad Energy Partners, LLC.

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

Media Contact
Heather Robb
Heather@hrobb.com

October 26, 2022 – The Commission’s decision is an important step forward to supply Mainers with affordable clean energy while making significant investments in Aroostook County and the state as a whole. Longroad appreciates the selection of our 1,000 MW King Pine wind project as a cost-effective clean energy option under the policy established through the leadership of Senate President Jackson, Sen. Stewart, and the Mills Administration. We look forward to working with the Commission, the people of the County and other stakeholders to make this project a success.

In its decision, the Commission indicated that final approval of contracts for King Pine Wind and for the transmission to be developed by LS Power that will connect the power to the regional grid, will await a decision by Massachusetts whether to participate. Earlier this year, the Massachusetts legislature authorized participation in the northern Maine projects if an analysis found that it would be in the interest of ratepayers and help the state meet its climate change objectives. A decision by Massachusetts is expected by year’s end.

Longroad appreciates the hard work of the Commission and its staff on conducting this complex solicitation process.

Learn more about the project here.

Media Contact
Heather Robb
heather@hrobb.com

NZ Super Fund and Infratil join MEAG to support Longroad’s transition to development and asset ownership; Longroad establishes goal to expand operating portfolio to over 8.5 GW within five years

Boston, MA — Aug, 1, 2022 — Longroad Energy Holdings, LLC (“Longroad”) announced today a $500 million equity investment by MEAG, acting as asset management arm for entities of Munich Re, alongside two of the company’s existing investors, the NZ Super Fund and Infratil, a listed entity managed by Morrison & Co. The investment will support Longroad’s strategic shift from a primarily “develop to sell” business model to one that is more oriented towards ownership, and will accelerate the expansion of its current 1.5 GW portfolio of owned assets, to 8.5 GW of wind, solar, and storage projects over the next five years.

“This important infusion provides Longroad with the capital to rapidly transition to a strategy biased to asset ownership. It also will fuel our acquisition goals and continue to support our investments in adjacent sectors, as we did recently with Valta Energy in the DG space,” said Paul Gaynor, CEO of Longroad. “We are thrilled to have MEAG join with our existing investors to power our robust growth plans, and we appreciate their collective support as we make strides in implementing our ambitious near-term objectives.”

Dr. Alexander Poll, MEAG’s Senior Investment Manager responsible for U.S. infrastructure investments: “This investment is a significant step to further increase the U.S. renewable portfolio for Munich Re. Given Munich Re’s strong position in the U.S. insurance market, we are interested in further investing in the United States.” Martin Kaufmann, Senior Investment Manager MEAG U.S. infrastructure investments: “This investment makes an important contribution to Munich Re’s net-zero climate commitment under the Net-Zero Asset Owner Alliance (AOA), which Munich Re joined in 2020. We are also pleased to have teamed up with professional partners on this investment to build a successful long-term relationship.”

NZ Super Fund Head of External Investments and Partnerships Del Hart said: “Longroad has been one of the NZ Super Fund’s most successful investments and, in line with our long-term, partnership approach to infrastructure development, we are pleased to both welcome MEAG as a co-investor and contribute more capital ourselves. It has been exciting to see Longroad grow since we first invested in 2016 and we look forward to seeing it continue to deliver both strong financial returns and positive environmental and social outcomes.”

“Infratil is extremely happy with this outcome,” said Jason Boyes, CEO of Infratil. “We remain very optimistic about the opportunities and outlook for Longroad. It is well-positioned in a key geography, with high-quality operating assets, built-in growth through its development portfolio, and a proven team. The new investment from a leading global infrastructure investor in MEAG is a strong endorsement of the business and the sector.”

Positioned for Growth

High Value Pipeline

In addition to its 1.5 GW net ownership operating portfolio, Longroad’s track record includes 3.2 GW of developed and acquired projects. Longroad has a substantial development pipeline of ~15 GW of wind, solar and storage projects across 13 states, including in key growth markets such as Arizona, California, Hawaii, Maine, and Utah:

• Arizona – Operating and development portfolio of nearly 4 GW of solar and storage
• California – Operating and development portfolio of over 3 GW of solar and storage
• Hawaii – Development pipeline of over 500 MW of solar and storage
• Maine – Development pipeline of over 1 GW of wind, solar and storage
• Utah – Operating 306 MW of wind assets, with a development pipeline of over 2 GW of wind, solar and storage

Procurement Strategy

In support of its pipeline development, Longroad has established a deep relationship with First Solar and has recently signed a multi-year contract with Powin Energy, affording favorable procurement status and supply chain benefits. Longroad is currently contracted with First Solar for nearly 4 GW of panel supply through 2026, as well as with Powin to procure up to 4.5 GWh of storage through 2025.

Longroad’s financial advisors on the transaction included lead advisor Goldman Sachs & Co., as well as KeyBanc Capital Markets and Lazard Frères & Co. LLC. Morgan Lewis served as legal counsel. Barclays served as MEAG’s financial advisor, and Holland & Knight as its legal counsel.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on wind, solar, and storage project development, operating assets, and services. Today, Longroad owns 1.5 GW of wind and solar projects across the United States and operates and manages a total of 3.5 GW of wind and solar projects on behalf of Longroad and third parties. Upon this transaction closing, Longroad will be owned by the NZ Super Fund, Infratil Limited, MEAG, and Longroad Energy Partners, LLC.

Longroad adheres to robust ESG operating principles, and intends to broaden its commitments to socially responsible business practices, carbon reduction, environmental sustainability and diversity, equity, and inclusion (DEI) practices. Longroad will continue to prioritize partners who follow similar business practices and will encourage deeper ESG commitments.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around € 330 billion, around € 60 billion of which in its business with institutional investors and private customers.

MEAG invests in alternative assets in North America on behalf of Munich Re group and other non-US institutional investors. MEAG’s most recent infrastructure investments in the U.S. comprise 400 MW of solar farms and battery storage in California in 2021, various regulated U.S. water assets in 2020, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal in 2019.

Media Inquiries:

Longroad Energy: Heather Robb, heather@hrobb.com
MEAG: Josef Wild, jwild@meag.com

Capital infusion expected to spur even greater growth in Valta Energy’s distributed generation project pipeline

Boston, MA — June 15, 2022 – Longroad Energy announced today a strategic investment in Valta Energy, a Dana Point, CA-based developer, owner, and operator of distributed generation (DG) projects. Valta was founded in 2009 and has established a successful business without any external funding. Longroad’s initial equity investment will provide growth capital to Valta’s robust development pipeline, thereby positioning the company for more rapid expansion. Valta develops and operates assets nationwide, with operating assets primarily in California, Massachusetts, and Hawaii, which is a good strategic fit with Longroad’s existing utility-scale business.

“We are very pleased to establish this partnership with Valta. We are impressed with its business and market focus, and anticipate the funding will unleash the highly capable management team to do even greater things in the DG space,” said Paul Gaynor, CEO of Longroad. 

Valta Energy CEO Mark Milius: “We are thrilled with the partnership between Longroad and Valta. The opportunity to combine Valta’s customer-focused corporate expertise with Longroad’s renewable energy expertise and capital efficiencies will fuel explosive growth in Valta’s in-house development of DG projects and its acquisition of late-stage development assets across the country.”

Longroad’s rationale for the investment is to grow its exposure to the rapidly growing U.S. DG segment, through an established development, ownership, and operation platform. Valta has over 200 MW of contracted solar assets in development, construction, or operations. Longroad has an option to invest even more equity capital within the next three years. In the meantime, Longroad will leverage its financial and procurement skills and relationships to add value to Valta. 

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 1.6 GW of wind and solar projects across the United States in addition to operating and managing a total of 3.5 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

About Valta Energy

https://www.valtaenergy.com
For media inquiries contact David Williams:  dwilliams@valtaenergy.com

Four projects totaling 26 MWdc now under construction; Bath Iron Works and Walmart are key customers

Portland, ME — August 2, 2021 – Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the financing and beginning of the construction of four distributed solar projects in Maine. These projects are part of the Net Energy Billing (NEB) program that was put in place in 2019 under the leadership of the Mills Administration and the Maine Legislature. Longroad owns 100 percent of each project. The projects have been under development by Longroad for over two years.

“Getting these projects financed and into construction is an important milestone,” said Portland, Maine-based Matt Kearns, Chief Development Officer of Longroad Energy. “Once completed, these projects will generate significant benefits for Bath Iron Works and Walmart, among the largest employers in Maine. We are grateful for each stakeholder who made this day possible, in particular the leaders in each of the towns hosting these projects.”

The projects are in Augusta, Baldwin, Harmony, and Monmouth, and they will have a combined capacity of 26 MWdc (17.3 MWac) and will generate enough renewable energy to power the equivalent of approximately 5,200 Maine homes annually. Construction is expected to take about six months with the start of operations for most expected by the end of 2021. The projects will be built by MYR Energy Services, including its Maine-based subsidiary E.S. Boulos.

MUFG served as lender and U.S. Bank as the tax equity investor for the four projects.

“We were honored to have another opportunity to support Longroad Energy with project financing and, by extension, help the state of Maine achieve progress toward reaching its ambitious clean-energy goals,” said Takaki Sakai, managing director of project finance at MUFG. “We are committed to participating in the continued growth of the community solar market, which plays a vital role in reducing carbon emissions.”

U.S. Bancorp Community Development Corporation (USBCDC), the tax credit and community investment subsidiary of U.S. Bank, finances about 15 percent of all solar installations in the United States each year via tax equity financing.

“Longroad is a long-time partner and we’re excited to work with them again on these four projects to grow solar capacity and help Maine meet its clean energy goals,” said Clark Conlisk, assistant vice president on USBCDC’s environmental finance team. “Investing in community solar is one of the ways U.S. Bank can be a responsible steward of the environment, address climate change, create jobs and positively impact local communities.”

During the development phase, Longroad relied heavily on Maine-based companies to provide services and expertise in such areas as permit acquisition, environmental and legal matters, engineering, civil infrastructure, and electricity. The projects will each contribute $5,000 annually to their host communities to underwrite food security and STEM scholarship programs. The portfolio will use Series 6 modules supplied by U.S.-based First Solar, as well as Nextracker’s single axis tracker technology, and TMEIC’s inverters. The projects will be interconnected to the Central Maine Power system.

In addition to these four projects, Longroad has 14 other distributed solar projects under development in Maine.

Longroad’s affiliate, Longroad Energy Services, is the asset manager and operator, and will provide remote monitoring services to the projects over the long term. These services will be provided by Longroad’s remote operations center in Portland.

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.6 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 3.6 GW in total comprised of these projects plus 2.0 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

Project declares commercial operations; tax equity and lenders have funded the permanent capital structure

Boston, MA — July 20, 2021 – Longroad Energy, a US-based renewable energy developer, owner and operator, announced today the completion and funding of the term financing for Sun Streams 2, its 200 MWdc solar project located in Maricopa County, Arizona. Longroad owns 100 percent of the project after acquiring it in early 2021 from First Solar, the original developer.

CIBC was the coordinating lead arranger, collateral agent and issuing bank. Silicon Valley Bank served as coordinating lead arranger and administrative agent. Helaba participated. PNC Bank was the sole tax equity investor.

“Sun Streams 2 is a great project, and we are happy to finalize the permanent capital structure,” said Peter Keel, Chief Financial Officer of Longroad Energy. “We are grateful to our lenders CIBC, Silicon Valley Bank, and Helaba. Also, we are pleased to complete our first tax equity transaction with PNC Bank. Longroad values our financial partners and looks forward to many more deals with them in the future.”

“The Sun Streams 2 project is another example of Longroad Energy’s market-leading development capabilities and CIBC’s commitment to the U.S. renewable energy sector,” said Jim King, Managing Director at CIBC. “We are pleased to co-lead this important financing for Longroad and we thank the team for asking us to support them on this significant transaction.”

“We are delighted to support the Longroad Energy team by leading the financing of the Sun Streams 2 solar project,” said Bret Turner, Market Manager of project finance at Silicon Valley Bank. “This innovative project will help companies, such as Microsoft, reach their renewable energy goals.”

“PNC is pleased to provide Longroad Energy with tax equity financing for the Sun Streams 2 solar generation facility,” said Mark Williams, managing director for PNC’s Renewable Energy Finance Group. “This project underscores our commitment to supporting customers and communities throughout the U.S. with financing for high-quality renewable assets.”

Sun Streams 2 has a 20-year revenue agreement with Microsoft Corporation for the energy, RECs, and capacity of the full project to support the renewable energy goals of its new sustainable datacenter region, West US 3.

First Solar was the original developer of the project as well as the supplier of the Series 6 modules. The project was built by McCarthy, the trackers were supplied by Nextracker and inverters were supplied by SMA.

Sun Streams Complex

Sun Streams 2 is one of four Maricopa County-based projects that Longroad acquired from First Solar in February 2021. The PV and storage portfolio totals approximately 900 MWdc with the potential for 1-2 GWh of battery storage.

Sun Streams 3, 4, and 5 are development projects with target operational dates between 2022 and 2024. These projects are ideally positioned to accommodate a variety of offtake structures, with or without storage.

The projects are expected to generate over $40 million for Arizona’s schools via a long-term lease with the Arizona State Land Department, and over $5 million in tax revenue. Longroad extends our thanks to the staff and officials at the Arizona State Land Department and Maricopa County for their support and collaboration throughout development and construction of the Sun Streams 2 project.

The Sun Streams projects mark a growing presence in Arizona for Longroad. The company owns other operating solar projects in the state as well as an existing development portfolio. The Sun Streams site is well situated: adjacent to a significant power hub in the desert Southwest and California, offering excellent solar resource, and access to multiple transmission options with direct access to CAISO and the Southwest markets.

Longroad’s affiliate, Longroad Energy Services, is the asset manager and operator, and is providing remote monitoring services to the project over the long term.

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.6 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 3.6 GW in total comprised of these projects plus 2.0 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 — March 17, 2021 – Longroad Energy Services, an affiliate of Longroad Energy Holdings (Longroad), a US-based renewable energy developer, owner and operator, announced today the execution of long-term asset management and operations oversight agreements for five EverPower Wind Holdings-owned wind projects in PA, NY, and CA totaling 449 MW. With these new contracts, Longroad now manages nearly 3.5 GW of wind and solar projects.

The scope of services consists of all back office functions including accounting, treasury, finan-cial reporting, and overall commercial asset management as well as 24/7 remote monitoring, en-gineering and onsite balance of plant management.

“We are pleased to begin managing these wind projects focused on exceeding EverPower’s ex-pected returns,” said Jeremy Law, Vice President of Asset Management for Longroad. “We manage our third party-owned projects as if they are our own and we look forward to bringing our full range of management and technical services to these assets.”

The five projects are Howard (NY), Twin Ridges (PA), Highland North (PA), Patton (PA), and Mustang Hills (CA).

“A key ingredient to successful ownership of renewable energy projects is a strong asset man-agement and operations partner,” said David Smith, Officer at EverPower Wind Holdings. “We are excited to have Longroad take these assets on to optimize performance and to maximize long-term asset value.”

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns over 1.6 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 3.5 GW in total comprised of these projects plus 1.9 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

Sun Streams Complex Ideally Positioned for Western Power Buyers

Boston, MA — Feb. 15, 2021 – Longroad Energy Holdings (Longroad), a US-based renewable energy developer, owner, and operator, announced today the signing of the acquisition of Sun Streams 2, 4, and 5, which total approximately 900 MWdc in total solar capacity plus the potential for 1-2 GWh of battery storage. Longroad also closed the acquisition of Sun Streams 2. The closing of Sun Streams 4 and 5 is subject to regulatory approvals and customary closing conditions.

The projects were purchased from First Solar, Inc. (Nasdaq: FSLR). Longroad will also power its Sun Streams portfolio with First Solar’s responsibly-produced solar technology and has exe-cuted purchase agreements for 900 MWdc of Series 6 modules, of which 700 MWdc represent new bookings for First Solar.

Sun Streams 2 is being constructed by McCarthy Building Companies and is expected to be operational in June 2021. Sun Streams 2 energy production is sold under a long-term contract.

Sun Streams 4 and 5 are development projects with target operational dates of 2022 and 2024, respectively. Both projects are currently uncontracted and uniquely positioned to accommodate a variety of offtake structures, with or without storage.

“Arizona is an important location for Longroad as we seek to bring competitive renewable projects to power buyers in the Western U.S.,” said Paul Gaynor, CEO of Longroad Energy. “The Sun Streams complex is ideally positioned. It is adjacent to one of the most significant power hubs in the desert Southwest and California, the solar resource is excellent, and we have multiple transmission options with direct access to CAISO and the Southwest markets. We also have the ability to include a significant amount of energy storage capacity to make the assets even more competitive. We look forward to bringing the rest of the Sun Streams complex to fruition.”

The nameplate solar capacity of the three projects acquired by Longroad:

• Sun Streams 2 – ~200 MWdc
• Sun Streams 4 – ~200 MWdc
• Sun Streams 5 – ~500 MWdc

The Sun Streams acquisitions build on a growing presence in Arizona for Longroad, which already owns operating solar projects in the state as well as an existing development portfolio. Longroad has launched the origination effort for the Sun Streams 4 and 5 projects.

About Longroad Energy Holdings, LLC

Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.6 GW of operational and under construction wind and solar projects across the United States. Its services affiliate, Longroad Energy Services, operates and manages 3.0 GW in total comprised of these projects plus 1.4 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

The Little Bear Solar Complex in Fresno County Began Serving Customers in December, 2020

SAN RAFAEL and CONCORD, Calif. – MCE and Longroad Energy are excited to announce the completion of 160 megawatts of new solar power, enough to serve 65,000 homes each year. The Little Bear solar complex is located in Fresno County, California and consists of four separate solar facilities that represent MCE’s largest collection of solar projects to date. All four projects began commercial operation in December 2020, and will serve MCE customers under long-term power purchase agreements (PPAs). The projects are jointly owned by Longroad and two Danish pension funds, PKA and PenSam, represented by their investment manager AIP. The complex consists of four individual facilities, ranging from approximately 150 to 450 acres, on a total of over 1,200 acres of private land.

The Little Bear solar complex design reflects key environmental considerations including utilizing land that was disturbed or previously degraded and leveraging existing electrical distribution and transmission facilities, rights-of-way, roads and other infrastructure. These practices reduce impacts to local land and water resources. In addition, the project will contribute approximately $2 million in sales tax for Fresno County, as well as over $1,000,000 in property taxes over the first decade of operation. The total project costs were approximately $320 million, adding to MCE’s over $1.6 billion invested in new California renewable projects.

“MCE is grateful to partner with Longroad Energy and AIP on the Little Bear solar complex,” said Dawn Weisz, MCE CEO. “This project demonstrates MCE’s mission in action by reducing energy-related greenhouse gases, while providing jobs and economic growth in California.”

The Little Bear projects represented roughly 500 new jobs, and over 380,000 labor hours during the construction phase. The project was constructed under Project Labor Agreements including union labor from Operating Engineers Local 3, the Northern California Carpenters Regional Council, the Northern California District Council of Laborers, the International Brotherhood of Electrical Workers Local 100 and the Ironworkers Local 155. This project will provide clean energy for approximately 65,000 homes each year, reducing the carbon footprint of MCE customers and the California electric grid.

“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,” said Michael Alvarez, Longroad COO. “These projects are responsibly developed, constructed, and operated, 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.”

Additional information about the project can be found in previous press releases: Longroad Acquirer of Four California Projects from First Solar, and Longroad Energy Completes Financing for 215 MWdc Little Bear Solar Projects.

About MCE

As California’s first Community Choice Aggregation Program, MCE is a groundbreaking, not-for-profit, public agency that has been setting the standard for energy innovation in our communities since 2010. MCE offers cleaner power at stable rates, significantly reducing energy-related greenhouse emissions and enabling millions of dollars of reinvestment in local energy programs. MCE is a load-serving entity supporting a 1,200 MW peak load. MCE provides electricity service to more than 480,000 customer accounts and more than one million residents and businesses in 36 member communities across four Bay Area counties: Contra Costa, Marin, Napa, and Solano.

For more information about MCE, visit mceCleanEnergy.org, or follow us on Facebook, LinkedIn, Twitter and Instagram.

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

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

AIP Management is a Danish investment manager dedicated to investing into energy and infrastructure assets in Europe and the US. To date, AIP has invested more than USD 4 billion, primarily in assets that contribute to the green energy transition, including six European offshore wind farms, three onshore wind farms in Sweden and the US, as well as in four large solar power plants in California and Texas. The target for the coming years is to invest more than USD 1 billion per year.

For more information, please visit aipmanagement.dk.

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

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.