Longroad to commence construction of 243 MW Texas wind farm

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com






15 July 2019


Longroad Energy to commence construction of 243 MW Texas wind farm

Infratil announces that Longroad Energy has closed the financing of its 243 MW El Campo wind
project in Knox County, Texas, USA. Longroad Energy is partnering with two Danish pension
funds, PKA and PenSam (acting through their investment manager, AIP), to construct the project,
and will retain a 50% equity interest. Longroad will provide construction management, asset
management, operations, and services to the project over a 20-year term.

The Project is due to be completed in 2020, and is the second of the 800 MW of development
projects that Longroad Energy has targeted for financial close in 2019 (after the previously
announced 379 MWdc Prospero solar project), and which were incorporated in Infratil’s guidance
for 2020.

Achieving this milestone further illustrates the strength of Longroad Energy’s development
pipeline and the team’s capability.

A media release from Longroad Energy relating to the El Campo project is attached.

Longroad Energy is owned by Infratil (40%) and the New Zealand Superannuation Fund (40%), in
partnership with management (20%). Its focus is on wind and solar energy development,
ownership, and services in the United States, one of the largest and fastest growing renewable
energy markets in the world. The investment is managed on behalf of Infratil and the New
Zealand Superannuation Fund by investment management firm Morrison & Co.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited mark.flesher@infratil.com

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Longroad Energy Completes Financing
for 243 MW El Campo Wind Farm
AIP makes its first investment in a wind project in the United States
Boston, MA—July 9, 2019. Longroad Energy, a US-based renewable energy develop-
er, owner and operator announced today the financial close and start of construction of
its El Campo wind farm in Knox County, Texas. The two Danish pension funds PKA
and PenSam, represented by their investment manager AIP, also became long-term in-
vestors alongside Longroad.
“Longroad is pleased to bring this deal through this crucial step and to partner with
PKA and PenSam through AIP. We are proud of our track record in developing, financ-
ing, constructing, owning and operating well-structured renewable assets in the US.
This approach appealed to AIP and its investors; and the investment in El Campo is a
great first step to take with our new partners,” said Paul Gaynor, CEO of Longroad.
“It’s great to be able to work with high caliber groups such as PKA, PenSam, and AIP.
We hope this is the first of many partnerships with this team in the US.”
This project is one of the largest investments ever made in Knox County - the total cost
of the project is approximately $335 million, and it is expected to achieve commercial
operation by July of 2020.
The project will contribute nearly $20 million in property taxes to the Benjamin Inde-
pendent School District, Knox County, Knox County Hospital District, and other local
taxing authorities. The El Campo project is expecting to provide employment for ap-
proximately 200 people during construction. Eight full-time staff will manage the day to
day operations of the facility.
Gaynor added: “Special thanks goes to all of the project landowners, Knox County
Judge Stan Wojcik and the Knox County Board of County Commissioners, Benjamin
ISD Superintendent Olivia Del Hierro Gloria and the Benjamin ISD Board, Knox County
Hospital District CEO Stephen Kuehler, and the Knox County Hospital District Board.”
“The El Campo wind farm is our second sizeable investment in renewable assets in the
US within a year and it represents yet another important addition to our ambitious
green investment strategy,” said Michael Nellemann Pedersen, CIO of PKA. “We are
delighted to partner with an experienced renewable energy developer like Longroad
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Energy and we are optimistic about extending the partnership even further in the
future.”


“A project of this size fits our portfolio very well and provides future cash flows from a
contract with offtakers committed to purchasing renewable energy,” said Claus Jør-
gensen, CIO of PenSam. “We are proud to contribute to this investment and thankful
for the support of our execution partners, AIP and Longroad Energy for securing af-
fordable clean renewable energy.”
The project has two corporate PPAs: DaVita Inc. has signed a Power Purchase
Agreement (PPA) for 83 MW while Crown Holdings will take 111 MW in its PPA. Vestas
American Wind Technology Inc. will supply 67 wind turbines ranging in size from 2.0
MW to 4.2 MW each, and the project will be built by Mortenson under an EPC agree-
ment.
On the financing front, BHE Renewables is the sole tax equity investor. The lending
group is led by KeyBank N.A. and includes HSBC Bank, CIBC, and Zions Bancorpora-
tion, N.A.
Finally, Longroad Energy’s affiliate, Longroad Energy Services, will provide construction
management, asset management, operations and maintenance, and remote monitoring
services to the project over a 20-year term.

About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy
project development, operating assets, and services. Today, Longroad owns 684 MW
of operational wind and solar projects across the United States. Its services affiliate,
Longroad Energy Services, operates and manages 1.49 GW comprised of these
projects in addition to 805 MW of wind and solar projects on behalf of third parties.
Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and
Longroad’s management team.
Web: www.longroadenergy.com
Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners
About PKA
PKA is one of the largest pension service providers in Denmark. Their 320,000 mem-
bers work primarily in the public sector. PKA invest approximately DKK 275 billion
($43.3 billion) on behalf of their members. PKA has a special focus on investing in
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projects that help to mitigate the effects of climate change. They have invested ap-
proximately DKK 21 billion ($3.2 billion) in climate-related projects.
About PenSam
PenSam is a Danish pension fund that manages labor market pensions for 400,000
members, which include social and healthcare personnel and educator assistants in
public and private companies. On their behalf PenSam invest approximately DKK 138
billion ($20.7 billion).
About AIP
Originally established as PKA AIP in 2012, AIP has grown into an independent invest-
ment manager dedicated to advising institutional investors on direct investments into
energy and infrastructure assets in Europe and the US. To date, AIP has invested more
than EUR 2.7 billion and the target for the coming years is to invest approximately EUR
600 million per year.
Media Contact:
Jim Cabot, Cabot Strategies
jim@cabotstrategies.com
978-764-1510
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