Renewable energy developer Longroad Energy Holdings announced today that it has raised $500 million to help drive a major expansion in its wind, solar and storage portfolio, and support its shift from a “develop to sell” model to one focused on asset ownership.

Founded in 2016, Longroad Energy Holdings focuses on wind, solar and storage project development, operating assets, and services. Today, it owns 1.5 GW of wind and solar projects across the U.S. and operates and manages a total of 3.5 GW of projects on behalf of Longroad and third parties. Longroad also has a development pipeline of about 15 GW of wind, solar and storage projects across 13 states, including in Arizona, California, Hawaii, Maine and Utah.

According to the company, the new investment will boost the expansion of its current 1.5 GW portfolio of owned assets, to 8.5 GW of wind, solar and storage projects over the next five years.

Paul Gaynor, CEO of Longroad, said:

“This important infusion provides Longroad with the capital to rapidly transition to a strategy biased to asset ownership.  It also will fuel our acquisition goals and continue to support our investments in adjacent sectors, as we did recently with Valta Energy in the DG space.”

The deal was made in the form of an equity investment by MEAG, the asset manager of Munich Re and ERGO, alongside two of the company’s existing investors, NZ Super Fund and Infratil.

Martin Kaufmann, Senior Investment Manager MEAG U.S. infrastructure investments, said:

“This investment makes an important contribution to Munich Re’s net-zero climate commitment under the Net-Zero Asset Owner Alliance (AOA), which Munich Re joined in 2020.  We are also pleased to have teamed up with professional partners on this investment to build a successful long-term relationship.”