Longroad Energy

Overview

Deal Type Mergers & Acquisitions
Size $500 Million
Client & Transactional Partners Longroad Energy; MEAG; NZ Super Fund; Infratil
Our Role Sell-Side Advisor

Summary

KeyBanc Capital Markets (KBCM) served as Sell-Side Advisor to Longroad Energy (the Company) on a $500 million equity investment from MEAG, the asset management arm of Munich Re, alongside two of the company’s existing investors, the NZ Super Fund, and Infratil. The investment will support the Company’s strategic shift from a primarily “develop to sell” business model to one that is oriented towards ownership and will accelerate the expansion of its current 1.5 GW portfolio of owned assets to 8.5 GW of wind, solar, and storage projects over the next five years. The transaction closed in October 2022.

MEAG manages approximately €330 billion of assets for insurance companies Munich Re and ERGO. MEAG’s most recent infrastructure investments in the U.S. include 400 MW of solar and battery storage projects in California in 2021, various regulated U.S. water assets in 2020, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal in 2019.

Founded in 2016, Longroad Energy Holdings, LLC is focused on wind, solar, and energy storage project development and operation. Today, Longroad owns 1.5 GW of renewable energy projects across the United States and manages a total of 3.5 GW of wind and solar projects on behalf of Longroad and third parties. Upon closing this transaction, Longroad will be owned by the NZ Super Fund, Infratil Limited, MEAG, and Longroad Energy Partners, LLC.

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