US-based renewables developer-operator Longroad Energy Holdings LLC has closed a USD-600-million (EUR 548.3m) debt financing deal to speed up the development of its 30-GW wind, solar and energy storage pipeline.
The credit facility consists of a USD-275-million term loan, a revolving credit facility of USD 175 million and a USD-150-million letter of credit facility, Longroad said on Monday. The fresh capital adds to the USD-500-million investment that the Boston, Massachusetts-based developer secured in August last year from Meag, the asset management arm of German reinsurer Munich Re, Infratil Ltd and NZ Super Fund, a sovereign wealth fund in New Zealand.
“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.
The syndicated corporate credit facility was led by Apterra infrastructure capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
At present, Longroad has a fleet of over 3.1 GW of wind, solar and energy storage assets in operation and manages an additional 5 GW of capacity under management.
(USD 1.0 = EUR 0.914)
