US-based renewable energy developer, owner and operator Longroad Energy Holdings has closed $600m in debt financing to accelerate the growth of its wind, solar, and battery portfolio.
The arrrangment is composed of a $275m term loan, $175m revolving credit facility and a $150m letter of credit facility.
The new financing follows the August 2022 $500m equity investment by Infratil, New Zealand Superfund, and MEAG, and which also marked Longroad’s strategic shift toward primarily project ownership rather than 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 Longroad chief executive Paul Gaynor.
“We appreciate the continued confidence of our investors and banking partners in Longroad’s platform and execution. We are excited to welcome and thankful for the institutions who have come into this new financing.”
The syndicated corporate credit facility was led by Apterra infrastructure capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.