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- Longroad Energy
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
$112M
Strategic investment · Dec 2024
Cumulative funding Longroad Energy raised
$677M
across 4 funding rounds
Key investors in Longroad Energy
NZ Super Fund
Infratil
MEAG
About Longroad Energy
Longroad Energy is a Boston-headquartered renewable-energy developer, owner and operator formed in 2016. It originates, finances, constructs and manages utility-scale solar, wind and battery-storage projects across the United States. Customers and counterparties include utilities, electricity buyers, grid operators, landowners and institutional capital partners. Revenue is generated through long-term power sales, project monetisations and asset-management services for owned and third-party facilities. The company was established by an experienced management team with capital from NZ Super Fund and Infratil and later admitted MEAG as a co-investor. Successive Fund commitments in 2022, 2023 and 2024 financed Longroad's project pipeline and strategy to become a scaled independent power producer.
Founded
2016
HQ
Website
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. Read the announcement ↗
The $500M round was led by MEAG, with participation from Infratil and NZ Super Fund.
Longroad Energy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Undisclosed stage | $2.2B |
Longroad Energy Funding History
Longroad Energy has raised a total of $677M across 4 funding rounds.
Longroad Energy's first fundraising round was a strategic investment round in October 2016. The most recent completed round was a $112M strategic investment round in December 2024.
Longroad Energy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2024 | Strategic investment | NZ Super Fund | $112M | - | In December 2024 the NZ Super Fund committed an additional US$112 million to Longroad Energy to support the execution of the company's approximately 30-gigawatt United States development pipeline. The Fund said Longroad was pursuing a strategic plan to become a scaled independent power producer and then owned or had under construction roughly 4.1 gigawatts of solar, wind and battery-storage assets. Longroad develops projects from site control and permitting through financing, construction and long-term operation, while also managing renewable assets for third parties. The follow-on continued a relationship begun when the Fund and Infratil formed the platform with management in 2016 and followed additional recapitalisations in 2022 and 2023. The capital was directed to the company's development programme rather than a disclosed transfer of existing shares, supporting classification as a Growth strategic investment. The audited report gives the incremental US$112 million commitment and month but does not disclose an exact day, revised ownership percentage or company valuation. |
| Oct 2023 | Strategic investment | NZ Super Fund | $65M | - | In October 2023 the NZ Super Fund increased its capital commitment to Longroad Energy by US$65 million to support the continuing development of the company's North American renewable-energy pipeline. The Fund's 2024 annual report states that Longroad had developed 5.4 gigawatts of renewable capacity since its 2016 formation and was targeting approximately 1.5 gigawatts of annual development. Longroad develops, finances, owns and operates utility-scale solar, wind and battery-storage projects in the United States and also provides asset-management services. The follow-on came after the 2022 recapitalisation involving the Fund, Infratil and MEAG and did not change the Fund's reported 37.3% position materially. The additional capital was intended for project development rather than the purchase of existing shareholder interests, supporting classification as a Growth strategic investment. The annual report also valued the Fund's 37.3% stake, including the commitment, at approximately NZ$1.9 billion, but that carrying value is not a transaction valuation and is not placed in structured amounts. |
| Aug 2022 | Undisclosed stage | MEAG (lead); Infratil; NZ Super Fund | $500M | $2.2B | Longroad 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 2016 | Strategic investment | Infratil (lead); NZ Super 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?
3 investors have backed Longroad Energy across its funding rounds, including NZ Super Fund, Infratil and MEAG.
Lead investors include MEAG, Infratil and NZ Super Fund.
Longroad Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Oct 2016 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLongroad Energy Competitors
Longroad Energy competitors include listed companies like Xinyi Solar, Solaria Energia, Grenergy Renovables and SolarEdge, and private ones like TotalEnergies (onshore solar and wind assets) and SFCC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.1B | $548M | $2.2B | 1.6x | ||
| Publicly listed | $221M | - | $2.1B | 8.5x | ||
| -- | Private | - | - | $2.1B | - | |
| Publicly listed | $780M | $193M | $2B | 3.3x | ||
| Private | - | - | $1.9B | - | ||
| Publicly listed | $1.2B | ($365M) | $1.8B | 1.3x |
Longroad Energy Public Comps
Longroad Energy is still privately-owned, but its public comps include SJVN, Andersons, Meshek Energy Renewable, Xinyi Solar, Solaria Energia, Chugoku Electric Power, Auren Energia, Pertamina Geothermal, Grenergy Renovables and Verbio.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $446M | $266M | 12.1x | 9.9x | 20.3x | 13.4x | |||
| $11B | $315M | 0.3x | 0.3x | 9.7x | 7.1x | |||
| $43M | $27M | 65.3x | - | 102.6x | - | |||
| $3.1B | $548M | 1.3x | 1.6x | 7.3x | 8.4x | |||
| $221M | - | 16.4x | 8.5x | - | 9.3x | |||
| $9.1B | $1.6B | 2.2x | 2.1x | 12.5x | 14.1x | |||
| $2.4B | $641M | 2.5x | 2.8x | 9.4x | 10.1x | |||
| $433M | $326M | 4.9x | 4.8x | 6.5x | 6.1x | |||
This data is available for Pro users. Sign up to see all Longroad Energy competitors and their valuation data. Start Free Trial | ||||||||
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 $677M across 4 funding rounds. |
| What was Longroad Energy's last funding round? | Longroad Energy's last funding round was a $112M strategic investment round in December 2024. |
| Who are Longroad Energy's investors? | Longroad Energy's investors include NZ Super Fund, Infratil and MEAG. |
| Which companies are comparable to Longroad Energy? | Companies comparable to Longroad Energy include Xinyi Solar, Solaria Energia, TotalEnergies (onshore solar and wind assets), Grenergy Renovables, SFCC and SolarEdge. |
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