BOSTON & SAN FRANCISCO--(BUSINESS WIRE)--Longroad Energy Holdings, LLC (“Longroad”) today 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.
Longroad sees opportunity all along the investment spectrum from early stage development to long-lived operating assets. 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.
About Infratil Limited
Infratil is an owner and operator of businesses in the energy (mainly renewable), transport, data centres and social infrastructure sectors. Its energy operations are predominantly through Trustpower in Australia and New Zealand. Infratil is listed on both the New Zealand and Australian Stock Exchanges (IFT.NZ, IFZ.AX) and currently owns assets in excess of NZ$6.5 billion, visit www.infratil.com.
About New Zealand Superannuation Fund
The New Zealand Superannuation Fund is a NZ$30 billion sovereign wealth fund established by the New Zealand Government to partially pre-fund the future cost of universal pension payments. A long-term, growth-oriented investor, the Fund has returned 9.7% p.a. since inception in 2003. The Fund is managed by the Guardians of New Zealand Superannuation, a Crown entity. The Fund is a 50:50 shareholder in RetireAustralia, alongside Infratil. For more information, visit www.nzsuperfund.co.nz.
About H.R.L. Morrison & Co
Founded in 1988, Morrison & Co has become one of the world’s leading specialist infrastructure investment managers with operations in New Zealand, Australia and Hong Kong. Today Morrison & Co manages over NZ$9 billion of assets on behalf of retail, institutional and sovereign wealth fund clients.
About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development. Longroad also provides asset management and operations services.