Longroad Energy acquires solar development portfolio from 7X Energy
US-based Longroad Energy has acquired 3 GW solar development portfolio from 7X Energy, an Austin-based company that develops and manages renewable energy for utilities and municipalities.
The acquisition includes projects that are located across the US in various Longroad’s target markets.
Longroad chief investment officer Charles Spiliotis said: “We are pleased to be working together with 7X to bring these projects to market, and excited to accelerate our solar platform.
“7X is bringing in-depth market knowledge and an accomplished team that can get these deals done.”
The Longroad and 7X teams will work together to develop these projects and continue to grow Longroad’s utility scale solar projects.
7X president and CEO Clay Butler said: “We are enthusiastic about our relationship with Longroad. We’ve already proven the success of our approach by developing a 3.0 GW solar portfolio independently.
“Now, by working with Longroad, we will ramp up our ability to source, finance and build utility-scale solar projects.
Financial details of the transaction have not been divulged by both the companies.
Longroad Energy has developed, financed, built and monetised nearly 4 GW of utility-scale renewable projects in markets across the US that include 12 utility-scale solar projects comprising nearly 1.5 GW of total capacity.
It also provides asset management and operation and maintenance services.