What does a solar developer have to do to get noticed in a crowded market, especially when it’s just starting out?
Purchasing a 3 GW development portfolio is certainly a significant way to make a splash. Yesterday, Longroad Energy did just that.
Founded in 2016, Longroad Energy has pursued a significant presence in the United States in a series of targeted markets – and the acquisition of 7X Energy’s portfolio allows them to enter those markets in one fell swoop. The two companies will work together to bring the utility-scale projects to completion.
Though the company itself is relatively new, the executives at Longroad have a track record of developing utility-scale renewable-energy projects with companies like SunEdison, Southern California Edison, Dominion Energy and Berkshire Hathaway Energy.
All told, the company says its founders have developed nearly 4 GW across the United States, which includes successfully completing 12 utility-scale solar projects comprising nearly 1.5 GW of total capacity. Combined with 7X’s experience in acquiring land for projects, Longroad says it believes the partnership will benefit
“We are 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.”
In addition to development, Longroad also provides asset management and operation and maintenance services.
For its part, 7X executives said they are looking forward to making use of Longroad’s financial expertise to boost its own independent portfolio, which it says stands at 3 GW.
“We’ve already proven the success of our approach by developing a 3.0 GW solar portfolio independently,” said Clay Butler, President and CEO of 7X. Now, 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.”