Longroad Energy Holdings, a U.S. renewable-energy developer, owner and operator, has closed $600 million in debt financing to further accelerate the growth of its wind, solar and battery portfolio.
The credit facility is composed of a $275 million term loan, a $175 million revolving credit facility and a $150 million letter of credit facility. The syndicated corporate credit facility was led by Apterra infrastructure capital, a platform company of Apollo and joint lead arrangers Barclays and HSBC.
The new financing follows the August 2022 $500 million equity investment by Infratil, New Zealand Superfund and MEAG. MEAG agreed to invest $300 million for a 12 percent stake in Longroad Energy, joining an ownership group consisting of Morrison & Co.’s listed infrastructure business, Infratil and the NZ Super Fund, each of which agreed to invest an additional $100 million into the compan