Longroad Energy Secures $600 Million in Debt Financing to Power Expansion of its Renewable Energy Portfolio

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Nov 27, 2023, 06:55 ET

BOSTON, Nov. 27, 2023 /PRNewswire/ -- 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.

SOURCE Longroad Energy Management, LLC