MEAG, the asset managment arm for Munich Re, has invested $300 million for a 12 percent stake in Longroad Energy, a portfolio company of H.R.L Morrison & Co.
Longroad Energy is a provider of renewable energy project development, operating assets, and services. As part of the deal, Infratil Ltd and the NZ Super Fund will invest an additional $100 million in the firm. The new capital is intended to fund Longroad’s development pipeline consisting of 4.6 GW in development projects over the coming few years.
“This investment is a significant step to further increase the US renewable portfolio for Munich Re.,” commented Alexander Poll, MEAG’s senior investment manager responsible for U.S. infrastructure investments. “Given Munich Re’s strong position in the US insurance market, we are interested in further investing in the United States.”