Longroad Energy Valuation, Funding & Investors

Longroad Energy is valued at $2.2B as of August 2022.

Last Longroad Energy valuation

$2.2B

Undisclosed stage · Aug 2022

Last Longroad Energy funding round

$500M

Undisclosed stage · Aug 2022

Cumulative funding Longroad Energy raised

$500M

across 2 funding rounds

Key investors in Longroad Energy

  • Infratil
  • MEAG
  • NZ Super Fund
  • New Zealand Superannuation Fund

Longroad Energy Overview

About Longroad Energy

Longroad Energy is a Boston-headquartered developer and operator of renewable energy projects in the United States. Founded in 2016, it owns and manages wind farms in Texas and solar arrays in California, totaling over 1 GW capacity through partnerships with utilities like National Grid.


Founded

2016

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.2B (Aug 2022)

Longroad Energy Valuation

Longroad Energy is currently valued at $2.2B, based on its undisclosed-stage round in August 2022.

The $500M round was led by MEAG, with participation from Infratil and NZ Super Fund.

Longroad Energy valuation by funding round

Longroad Energy valuation by funding round
DateStageValuation
Aug 2022Undisclosed stage$2.2B

Longroad Energy Funding History

Longroad Energy has raised a total of $500M across 2 funding rounds.

Longroad Energy's first fundraising round was a strategic investment round in October 2016. The most recent completed round was a $500M undisclosed-stage round in August 2022.

Longroad Energy funding rounds

Longroad Energy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2022Undisclosed stageMEAG (lead); Infratil; NZ Super Fund$500M$2.2BLongroad Energy is a US-based renewable energy company focused on developing, acquiring, and owning wind, solar, and storage projects, with operations and asset management services. As of August 2022, it had a 1.5 GW net ownership operating portfolio, had developed and acquired 3.2 GW of projects, and maintained a substantial 15 GW development pipeline across 13 states including high-growth markets like Arizona, California, Hawaii, Maine, and Utah. The company aims to expand its operating portfolio to over 8.5 GW within five years and recently acquired Valta Energy in the distributed generation space. On August 1, 2022, Longroad announced a $500 million equity investment led by MEAG (US$300 million for a 12% stake), with existing investors NZ Super Fund and Infratil each contributing an additional US$100 million, retaining ~37% stakes each, and management holding ~14%. The transaction implies a pre-money valuation of US$2,000 million for Longroad's common equity, resulting in a post-money valuation of approximately US$2,200 million after the new capital infusion. The funds will support scaling renewable development, funding a near-term 4.5 GW pipeline with ~1 GW reaching financial close by year-end, including the 500 MW Sun Streams 3 solar and storage project in Arizona, and transitioning to an asset ownership strategy. Investors view Longroad as a high-performing opportunity in US renewables, with Infratil noting its quality assets, development pipeline, and team. NZ Super Fund highlighted it as one of their most successful investments since 2016, emphasizing long-term infrastructure returns and positive environmental outcomes. The deal closed in October 2022 after regulatory approvals from FERC and CFIUS. Infratil valued its ~40% stake at US$798 million as of June 30, 2022, up significantly from US$220 million in March 2022, reflecting strong growth.
Oct 2016Strategic investmentInfratil (lead); New Zealand Superannuation Fund (lead)--Infratil made an initial investment in newly formed US renewable energy developer Longroad Energy alongside the New Zealand Superannuation Fund, with the two investors owning the business in partnership with the Longroad management team. Longroad was assembled from the former First Wind development team led by Paul Gaynor and Michael Alvarez, and targeted up to US$100 million of development expenditure on utility-scale wind and solar projects across North America. The investment was Infratil's entry into the US renewables market and is managed on behalf of both investors by Morrison & Co.

Who has invested in Longroad Energy?

4 investors have backed Longroad Energy across its funding rounds, including Infratil, MEAG, NZ Super Fund and New Zealand Superannuation Fund.

Lead investors include MEAG, Infratil and New Zealand Superannuation Fund.


Longroad Energy Investors

Investors in Longroad Energy by funding rounds participated
InvestorHQRoundsRoleFirst check
InfratilNew ZealandNew Zealand2LeadOct 2016
MEAGGermanyMunich1LeadAug 2022

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Longroad Energy Competitors

Longroad Energy competitors include listed companies like SMA Solar Technology, SolarEdge and Verbio, and private ones like Lianyungang Jiaao Enproenergy, Montana Renewables and Enel Green Power Hellas.

Public and private companies comparable to Longroad Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Lianyungang Jiaao EnproenergyChinaJiaxingPrivate--$2.2B-
SMA Solar TechnologyGermanyGermanyPublicly listed$1.7B($77M)$2.2B1.1x
SolarEdgeUnited StatesUnited StatesPublicly listed$1.2B($365M)$2.2B1.6x
Montana RenewablesUnited StatesWashington, DCPrivate--$2.3B-
Enel Green Power HellasGreeceAthensPrivate--$2.3B-
VerbioGermanyGermanyPublicly listed$1.8B($59M)$2.3B1.2x

Longroad Energy Public Comps

Longroad Energy is still privately-owned, but its public comps include SMA Solar Technology, SolarEdge, GCL System Integration, Verbio, Sunrun, Nofar Energy, Xinyi Solar, Auren Energia, Renewables Infrastructure Group and Andersons.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SMA Solar Technology$1.7B($77M)1.2x1.1x(26.4x)14.3x
SolarEdge$1.2B($365M)1.8x1.6x(5.7x)(86.7x)
GCL System Integration$2.3B($43M)1.0x0.8x(53.5x)20.5x
Verbio$1.8B($59M)1.4x1.2x(41.7x)11.1x
Sunrun$3B$546M6.2x6.0x33.6x25.4x
Nofar Energy$103M$95M49.8x-53.6x-
Xinyi Solar$3.1B$544M1.3x1.6x7.7x8.5x
Auren Energia$2.6B$673M2.5x2.9x9.7x10.2x

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Common questions about Longroad Energy

When was Longroad Energy founded?Longroad Energy was founded in 2016.
Where is Longroad Energy headquartered?Longroad Energy is headquartered in Boston, MA, United States.
Is Longroad Energy publicly listed?No, Longroad Energy is a private, VC-backed company.
What is Longroad Energy's valuation?Longroad Energy was last valued at $2.2B in its undisclosed-stage round in August 2022.
How much funding has Longroad Energy raised?Longroad Energy has raised $500M across 2 funding rounds.
What was Longroad Energy's last funding round?Longroad Energy's last funding round was a $500M undisclosed-stage round in August 2022, led by MEAG.
Who are Longroad Energy's investors?Longroad Energy's investors include Infratil, MEAG, NZ Super Fund and New Zealand Superannuation Fund.
Which companies are comparable to Longroad Energy?Companies comparable to Longroad Energy include Lianyungang Jiaao Enproenergy, SMA Solar Technology, SolarEdge, Montana Renewables, Enel Green Power Hellas and Verbio.

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