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.