Boston-based Longroad Energy announced it made a strategic investment in Valta Energy, a California developer, owner, and operator of distributed solar projects. Longroad has the option to expand its equity investment over the next three years as part of the deal.
Longroad’s equity investment will provide growth capital to Valta’s development pipeline, which currently exceeds 200 MW of contracted solar assets in development, construction, or operations. Valta’s operating assets are primarily in Massachusetts, California, and Hawaii.
“We are very pleased to establish this partnership with Valta. We are impressed with its business and market focus, and anticipate the funding will unleash the highly capable management team to do even greater things in the DG space,” said Paul Gaynor, CEO of Longroad.
Valta Energy CEO Mark Milius said he looks forward to the benefits of the investment, in which Valta will leverage its customer-focused in-house distributed generation development team, and Longroad will bring renewable energy expertise and capital efficiencies. Valta was founded in 2009 and grew its business without outside financing to date.
Longroad was founded in 2016 with a focus on development, operating assets, and services. It has quickly grown to own and operate 1.6 GW of solar and wind projects across the United States. Through third parties, it operates and manages 3.5 GW of solar and wind facilities. It is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad Energy Partners, LLC.
Longroad Energy has developed high-profile large-scale solar projects, including a 200 MW facility for a Microsoft datacenter, and a 294 MW Muscle Shoals, Alabama solar facility it sold to Ørsted for operation in Tennessee Valley Authority territory.
The company has 497 MW of solar acquired and owned, 628 MW of solar developed and owned, 1 GW of solar developed and sold, and provides services for 1.4 GW of solar facilities.
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