Renewables developer-operator Longroad Energy Holdings LLC, based in Boston, Massachusetts, has successfully closed a USD 600 million debt financing deal aimed at expediting the advancement of its extensive 30 GW wind, solar, and energy storage pipeline. The credit facility comprises a USD 275 million term loan, a USD 175 million revolving credit facility, and a USD 150 million letter of credit facility.
The financing supplements the USD 500 million investment secured by Longroad Energy in August of the previous year, which involved contributions from Meag (the asset management arm of Munich Re), Infratil Ltd, and NZ Super Fund (New Zealand's sovereign wealth fund).
Longroad Energy's CEO, Paul Gaynor, expressed that the additional capital infusion will play a pivotal role in expanding their owned operational fleet to over 9 GW by 2027 and supporting the development of their robust 30 GW pipeline of projects.
The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company of Apollo, with Barclays and HSBC serving as joint lead arrangers.
Currently, Longroad Energy boasts a fleet of over 3.1 GW of operational wind, solar, and energy storage assets, managing an additional 5 GW of capacity under its management umbrella.
