Longroad Energy completes financing of Prospero 2

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






27 August 2020


Longroad Energy completes financing of 331 MW
dc
Prospero 2 solar project

Infratil advises that Longroad Energy has closed the financing and commenced construction of
the Prospero 2 Solar Project, a 331 MW
dc
project located in Andrews County, Texas.

Longroad Energy will continue to own the US$320 million project, which is expected to come on-
line in the second quarter of 2021, and will also manage the construction.

A media release from Longroad Energy is attached.


Any enquiries should be directed to:

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

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For Immediate Release

Longroad Energy Completes Financing
of 331 MW
dc
Prospero 2 Solar Project

Two 15-Year Power Purchase Agreements with Zimmer Biomet and DaVita

Boston, MA—August 26, 2020 — Longroad Energy Holdings (Longroad), a US-based renewa-
ble energy developer, owner and operator, announced today the financial close and commence-
ment of construction of the Prospero 2 Solar Project, a 331 MW
dc
project located in Andrews
County, TX. Longroad will continue to own the $320 million project, which is expected to come
on-line in the second quarter of 2021. Longroad will also manage the construction.

Prospero 2 is adjacent to Longroad’s Prospero 1 project, which recently declared commercial
operation. Prospero 1 is co-owned by Longroad and AIP.

“We are pleased to bring Prospero 2 to financial close and to commence construction,” said Pe-
ter Keel, Chief Financial Officer of Longroad. “It’s always tough finalizing deals, but even more
so in today’s challenging market. We want to commend our lead lending and tax equity part-
ners, US Bank and CIT Group, for being especially constructive and supportive throughout the
process.”

The Prospero 2 closing marks over 2 GW of total wind and solar projects developed, financed,
and built in Texas by the Longroad team.

“Building a project like this is an incredible team effort and we are happy for the support of Uni-
versity Lands, Andrews County Commissioners Court, Permian Regional Medical Center (An-
drews County Hospital District), Andrews Independent School District (“ISD”), and Andrews
Economic Development Corporation,” Keel added, “We would like to thank all of our suppliers,
construction, and utility partners: First Solar, Power Electronics, NEXTracker, Swinerton Re-
newable Energy, and Oncor.”

The Prospero 2 project will cover more than 2,500 acres in Andrews County, Texas. The pro-
ject will deliver more than $9 million in property taxes, including almost $6 million to the An-
drews ISD. The Project will also create several hundred construction jobs as well as jobs for the
operating facility. All told, the Project expects to pay more than $10 million in wages over the
life of the project.

The project has two 15-year power purchase agreements (PPAs), one with DaVita Inc. and an-
other with a subsidiary of Zimmer Biomet Holdings, Inc.

“DaVita is committed to using 100% renewable energy and our PPA with Longroad’s Prospero 2
project will help make this happen,”, said Peter Berkowitz, DaVita’s Vice President of Real Es-
tate and Center Development. "Our previous PPA with Longroad helped us reach the halfway

2
mark on our goal, and we expect that Prospero 2’s completion will carry us across the finish
line.”

DaVita anticipates that its share of the projects under the two virtual PPAs with Longroad will
generate as much renewable energy as the amount of electricity used in its North American op-
erations.

The major project components are as follows:
• EPC contract with Swinerton Renewable Energy
• Panel supply with First Solar, using Series 6 technology
• Inverter supply with Power Electronics
• Tracker supply with NEXTracker

U.S. Bank is the sole tax equity investor in the project. “We value our long-term partnership with
Longroad and its founders – Prospero 2 is our seventh project with them – and we’re excited to
work together to increase solar capacity and create jobs in Texas,” said Adam Altenhofen, sen-
ior vice president of renewable energy investments with U.S. Bancorp Community Development
Corporation, the tax equity and community investment subsidiary of U.S. Bank. “Investing in so-
lar is one of the ways U.S. Bank can be a responsible steward of the environment, address cli-
mate change, and also create jobs.”

CIT led the construction and term lending group as the Coordinating Lead Arranger. Zions, Ra-
bobank, HSBC, Commerzbank, Siemens Financial Services, and National Australia Bank also
participated in the lending group.

“We are proud to extend our collaboration with Longroad by leading the Prospero 2 solar financ-
ing," said Mike Lorusso, Managing Director and Group Head of CIT's Power and Energy unit.
“Longroad continues to be at the forefront of this major energy transition and CIT is pleased to
have played a role in supporting them as well as the ongoing development of renewable power
nationwide.”



About Longroad Energy Holdings, LLC
Longroad Energy Holdings, LLC is focused on renewable energy project development, operat-
ing assets, and services. Today, Longroad owns over 1.4 GW of operational and under con-
struction wind and solar projects across the United States. Its services affiliate, Longroad En-
ergy Services, operates and manages 2.9 GW in total comprised of these projects plus 1.5 GW
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



Media Contact:
Heather Robb
Heather Robb Communications

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heather@hrobb.com
978-985-7447


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