U.S.-based renewable energy developer and holding company Longroad Energy Holdings has announced an equity investment of $500 million by MEAG, an asset management arm for entities of Munich Re, for the expansion of its 1.5 GW portfolio of owned assets to 8.5 GW of wind, solar, and storage projects in the next five years.

New Zealand Superannuation Fund (NZ Super Fund), and Infratil, a listed entity managed by Morrison & Co., will join MEAG to support Longroad’s strategic renewable portfolio expansion.

While Longroad currently has a 1.5 GW net ownership operating portfolio, the developer’s track record includes 3.2 GW of developed and acquired projects. The company has a pipeline of about 15 GW comprising wind, solar, and storage process across 13 states in America.

The company stated that the development pipeline of Longroad is aimed at establishing an operating and development portfolio of around 4 GW and 3 GW of solar and storage projects in Arizona and California.

With a focus on growth in the key markets of the U.S., the company has development pipelines of more than 500 MW and 1 GW of solar and storage projects in the Hawaii and Maine regions. In Utah, Longroad operates 306 MW of wind assets and has a development pipeline of over 2 GW of wind, solar, and storage projects.

Longroad Energy has also signed a contract with First Solar for nearly 4 GW of panel supply until 2026 and a multi-year contract with Powin Energy to procure up to 4.5 GWh of storage in the next three years.

Last year, Longroad Energy announced the acquisition of Sun Streams 2, 4, and 5 totaling approximately 900 MW in solar capacity with the potential for 1-2 GWh of battery storage. While the developer closed the acquisition of Sun Stream 2, the closing of Sun Streams 4 and 5 was pending due to certain regulatory approvals.

The company completed the term financing of its 200 MW Sun Streams project last July. The project is located in Maricopa County, Arizona and Longroad owns 100% of the project after acquiring it in early 2021 from First Solar, the original developer.