MEAG has agreed to invest $300 million for a 12 percent stake in Longroad Energy, a provider of renewable energy project development, operating assets and services and a portfolio company of Morrison & Co.
MEAG joins an ownership group consisting of Morrison & Co’s listed infrastructure business, Infratil and the NZ Super Fund, each of which have agreed to invest an additional $100 million into the company alongside Longroad management.
After the investment, Infratil and the NZ Super Fund each will retain a 37 percent stake, with the remaining 14 percent owned by Longroad management.
Morrison & Co said proceeds from the new commitment primarily will be used to fund Longroad’s near-term development pipeline, which includes 4.5 gigawatts of development projects beginning construction during the next three years. The company is planning to reach financial close on about 1,000 megawatts of projects before the end of the year, including a 500-megawatt
