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Alternative Assets  + Real Assets  |  December 4, 2023
Longroad Secures $600M Debt Financing for Renewables
Joe Palmisano
By: Joe Palmisano

Longroad Secures $600M Debt Financing for Renewables

Longroad Energy Holdings, a U.S. based renewable energy developer, owner and operator, closed $600 million in debt financing for 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, 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 9GW by 2027 and support our robust 30GW pipeline of development projects,” said Paul Gaynor, CEO of Longroad.

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

Boston-based Longroad owns over 3.1GW of wind, solar and storage projects and operates and manages 5GW on behalf of Longroad and third parties. The company is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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