Longroad announces new investors

Longroad Energy Holdings has announced the closing of an equity investment and credit commitment from two partners: Infratil Limited, a publicly traded infrastructure investor, and the New Zealand Superannuation Fund, a sovereign wealth fund.

The principal area of focus is investing in the development of renewable energy projects in North America. Longroad is managed by former executives from First Wind who have an established track record in development, financing, construction management, asset management and operations in this sector.

There has been substantial growth in the sector of direct ownership of renewable energy assets by large institutional investors and pension funds. Longroad’s business model includes helping these types of institutions invest in this asset class, which is characterized by long-lived contracted assets with high quality cash flows. Longroad is a proven team with a track record of value creation and operational excellence; by offering development as well as asset management and operational capabilities, Longroad provides a complete solution to market participants.

With this investment, there is a significant amount of capital backing Longroad’s efforts and its mandate is flexible and without fund life constraints. Longroad is led by Paul Gaynor, Michael Alvarez, Pete Keel, and Charles Spiliotis.

The investment by Infratil and the New Zealand Superannuation Fund into Longroad will be managed by investment management firm H.R.L. Morrison & Co.