Renewable energy developer Longroad Energy Holdings, based in the United States, has successfully closed a $600 million debt financing deal aimed at accelerating the growth of its wind, solar, and battery portfolio. The funding structure comprises a $275 million term loan, a $175 million revolving credit facility, and a $150 million letter of credit facility.
This financial arrangement comes on the heels of an equity investment of $500 million in August 2022 from Infratil, New Zealand Superfund, and MEAG. The investment marked a strategic shift for Longroad, emphasizing a move towards predominantly owning projects rather than focusing on sales.
Longroad Energy Holdings' Chief Executive, Paul Gaynor, stated, “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.” Gaynor expressed appreciation for the continued confidence of investors and banking partners in Longroad's platform and execution, extending gratitude to the institutions participating in the new financing.
The syndicated corporate credit facility was led by Apterra Infrastructure Capital, a platform company affiliated with Apollo, with joint lead arrangers Barclays and HSBC contributing to the financing. This move positions Longroad Energy to play a pivotal role in the growth of renewable energy capacity in the coming years, aligning with broader industry trends and objectives.
