The financing is composed of a $275 million term loan, a $175 million revolving credit facility and a $150 million letter of credit facility. The new financing follows last year’s $500 million equity investment by Infratil, New Zealand Superfund and MEAG, which marked Longroad’s shift toward primarily project ownership rather than project sales.
“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,” says Paul Gaynor, CEO of Longroad. “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.