- Companies
- 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
$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
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
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$2.2B (Aug 2022)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Undisclosed 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| 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); 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Oct 2016 | ||
| 1 | Lead | Aug 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialLongroad 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.2B | - | ||
| Publicly listed | $1.7B | ($77M) | $2.2B | 1.1x | ||
| Publicly listed | $1.2B | ($365M) | $2.2B | 1.6x | ||
| Private | - | - | $2.3B | - | ||
| Private | - | - | $2.3B | - | ||
| Publicly listed | $1.8B | ($59M) | $2.3B | 1.2x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | ($77M) | 1.2x | 1.1x | (26.4x) | 14.3x | |||
| $1.2B | ($365M) | 1.8x | 1.6x | (5.7x) | (86.7x) | |||
| $2.3B | ($43M) | 1.0x | 0.8x | (53.5x) | 20.5x | |||
| $1.8B | ($59M) | 1.4x | 1.2x | (41.7x) | 11.1x | |||
| $3B | $546M | 6.2x | 6.0x | 33.6x | 25.4x | |||
| $103M | $95M | 49.8x | - | 53.6x | - | |||
| $3.1B | $544M | 1.3x | 1.6x | 7.7x | 8.5x | |||
| $2.6B | $673M | 2.5x | 2.9x | 9.7x | 10.2x | |||
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 $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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