Developer and asset manager Longroad Energy Holdings has acquired a 3GW US-based solar development portfolio from Austin-based renewables firm 7X Energy.
Longroad was recently co-founded by several former colleagues at First Wind, a company that was bought by the now bankrupt SunEdison back in January 2015.
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The Longroad and 7X teams will partner on developing the utility-scale projects.
Longroad has already helped develop and finance nearly 4GW of utility-scale renewable projects across the US, it claims.
Clay Butler, president and chief excutive of 7X, said: “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.”
Charles Spiliotis, CIO of Longroad, said: “We are pleased to be working together with 7X 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.”