Longroad Energy To Invest $500 Million To Expand Renewable Energy Portfolio

Longroad Energy Holdings, a renewable energy developer and holding company based in the United States, has announced a $500 million equity investment by MEAG, an asset management arm for entities of Munich Re, to expand its 1.5 GW portfolio of owned assets to 8.5 GW of wind, solar, and storage projects over the next five years.

MEAG will be joined by the New Zealand Superannuation Fund (NZ Super Fund) and Infratil, a listed corporation managed by Morrison & Co. to assist Longroad’s strategic renewable portfolio expansion.

Longroad’s current net ownership operating portfolio is 1.5 GW, although the developer’s track record comprises 3.2 GW of created and acquired projects. The company has a pipeline of around 15 GW of wind, solar, and storage projects spread across 13 states in the United States.

Longroad’s development pipeline is targeted at developing an operating and development portfolio of about 4 GW and 3 GW of solar and storage projects in Arizona and California, respectively.

With an emphasis on growth in important US markets, the company has pipelines of more than 500 MW and 1 GW of solar and storage projects in Hawaii and Maine, respectively. Longroad operates 306 MW of wind assets in Utah and has approximately 2 GW of wind, solar, and storage projects in the queue.

Longroad Energy reported last year that it has acquired Sun Streams 2, 4, and 5 totaling around 900 MW of solar capacity with the potential for 1-2 GWh of battery storage. While the developer had completed the acquisition of Sun Stream 2, the acquisition of Sun Streams 4 and 5 is in process.

Last July, the company concluded the term financing for its 200 MW Sun Streams project. The project is located in Maricopa County, Arizona, and Longroad owns 100 percent of it after purchasing it from the original developer, First Solar, in early 2021.