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.
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