Utility-scale renewable power company Longroad Energy has acquired a 3GW solar development portfolio in the US from 7X Energy.
The acquired portfolio covers a wide range of solar projects across the country in several of Longroad Energy’s target markets. Chief information officer Charles Spiliotis said: “We are pleased to be working together with 7X Energy 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.”
As part of the deal, the two companies will collaborate to develop the project portfolio and continue the growth of Longroad Energy’s utility-scale solar facilities.
7X Energy's president and chief executive officer Clay Butler said: “We are enthusiastic about our relationship with Longroad. We’ve already proven the success of our approach by developing a 3GW 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.”
To date, Longroad Energy has developed, financed, constructed, and monetised approximately 4GW of utility-scale renewable projects in markets across the US, including the successful completion of 12 utility-scale solar projects with a total power generation capacity of around 1.5GW.
Image: Longroad buys out 3GW solar portfolio in US. Photo: courtesy of Patrick Moore / FreeImages.com.