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Longroad Energy Starts Solar Business by Acquiring 3GW Portfolio

published: 2017-01-19 17:04

Longroad Energy Holdings, LLC (Longroad) announced the acquisition of a 3GW solar development portfolio from 7X Energy, Inc. (7X). The acquired portfolio includes projects located across the U.S. in several of Longroad’s target markets. The Longroad and 7X team will develop these projects and will work together to continue to grow Longroad’s utility scale solar projects, combining the experience and successful track record of both teams.

“We are pleased to be working together with 7X to bring these projects to market, and excited to accelerate our solar platform,” said Charles Spiliotis, CIO of Longroad. “7X is bringing in-depth market knowledge and an accomplished team that can get these deals done,” added Spiliotis.

Longroad’s principals have developed, financed, built and monetized nearly 4 GW of utility-scale renewable projects in markets across the United States. This includes successfully completing 12 utility-scale solar projects comprising nearly 1.5 GW of total capacity.

“We are enthusiastic about our relationship with Longroad,” said Clay Butler, President and CEO of 7X. “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. This is a powerful way for both of our companies to offer utilities and large commercial customers a simpler, faster, lower-risk path to meeting their renewable energy needs.”

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