Longroad Energy seeks more DG solar, invests in Valta Energy
Longroad Energy announced a strategic investment in Valta Energy, a Dana Point, CA-based developer, owner, and operator of distributed generation (DG) projects. Valta operates nationwide but most of its assets are located in California, Massachusetts, and Hawaii, which Longroad sees as a good strategic fit alongside its existing utility-scale business.
“We are impressed with its business and market focus, and anticipate the funding will unleash the highly capable management team to do even greater things in the DG space,” said Paul Gaynor, CEO of Longroad.
Valta was founded in 2009 and has established a successful business without any external funding. Longroad’s initial equity investment will provide growth capital to Valta’s development pipeline, thereby positioning the company for more rapid expansion.
“The opportunity to combine Valta’s customer-focused corporate expertise with Longroad’s renewable energy expertise and capital efficiencies will fuel explosive growth in Valta’s in-house development of DG projects and its acquisition of late-stage development assets across the country,” stated Valta Energy CEO Mark Milius.
Longroad’s rationale for the investment is to grow its exposure to the rapidly growing U.S. DG segment, through an established development, ownership, and operation platform.
Valta has over 200 MW of contracted solar assets in development, construction, or operations. Longroad has an option to invest even more equity capital within the next three years. In the meantime, Longroad will leverage its financial and procurement skills and relationships to add value to Valta.
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