The utility-scale solar developer announced a strategic investment in Valta Energy, a California-based distributed generation developer, owner and operator with a 200 MW solar project pipeline.
Boston-based Longroad Energy announced that it has made a strategic investment in Valta Energy, a California-based 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 under development, construction or operation. 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 commercial focus, and anticipate the funding will free up the highly capable management team to do even more 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 in-house, customer-focused distributed generation development team, and Longroad will contribute its expertise in renewable energy and its capital efficiency. Valta was founded in 2009 and has grown its business without external funding to date.
Longroad was founded in 2016 with a focus on development, operating assets and services. It quickly grew 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 installations. It is owned by the New Zealand Superannuation Fund, Infratil Limited and Longroad Energy Partners, LLC.
Longroad Energy has developed large-scale, large-scale solar projects, including a 200 MW facility for a Microsoft data center and a 294 MW solar facility in Muscle Shoals, Alabama, which it sold to Ørsted for operation. within the territory of the Tennessee Valley Authority.
The company has 497 MW of acquired and owned solar energy, 628 MW of developed and owned solar energy, 1 GW of developed and sold solar energy, and provides services for 1.4 GW of solar installations.
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