BOSTON, July 18,
2023 /PRNewswire/ -- Longroad Energy [Longroad], a
U.S. based renewable energy developer, owner, and operator, and
Black Stone Minerals, L.P. (NYSE:BSM) ["Black Stone Minerals,"
"Black Stone"], announced today a multi-year transaction to promote
the development of renewable energy. The terms provide
Longroad with exclusive access to several thousand Black Stone
acres across 12 states for potential large-scale solar development
while preserving Black Stone's ability to co-develop its mineral
and subsurface rights. This is a seminal agreement and first of its
kind for both Black Stone and Longroad.
This is a seminal agreement and first of
its kind for both Black Stone and Longroad.
"We are pleased to broaden our relationship with Longroad, which
began with a mineral transaction as part of their Umbriel Solar
project in Polk County, Texas,"
said Fowler Carter, Director of New Ventures from Black Stone
Minerals. "The Longroad team has ambitious goals focused on
developing renewable energy projects on surface rights, a strategy
that is complementary to our holdings. This unique transaction
allows Black Stone to optimize our assets, giving us exposure to
the attractive utility-scale solar market, while at the same time
preserving our underlying mineral rights."
"As Longroad continues to scale our development efforts, this
arrangement with Black Stone provides a dual avenue to rapidly
expand our portfolio and reduce execution risk," said Adam Horwitz, VP of Origination and Development
at Longroad Energy. "The certainty and structure afforded by this
agreement will allow Longroad and Black Stone to transact
efficiently and repeatedly. We look forward to working
closely with the Black Stone team to deliver a new renewable energy
value stream to their existing portfolio."
The agreement applies to regions where Longroad has a proven
track of solar development as well as new areas the company has
targeted for expansion.
About Black Stone Minerals, L.P.
Black Stone
Minerals is one of the largest owners of oil and natural gas
mineral interests in the United
States. The Company owns mineral interests and royalty
interests in 41 states in the continental United States. Black Stone believes its large,
diversified asset base and long-lived, non-cost-bearing mineral and
royalty interests provide for stable to growing production and
reserves over time, allowing the majority of generated cash flow to
be distributed to unitholders.
About Longroad Energy Holdings, LLC
Founded in 2016,
Longroad Energy Holdings, LLC is focused on renewable energy
project development, operating assets, and services. Longroad
has developed or acquired 4.3 GW of renewable energy projects
across the United States and has
raised $10 billion of equity, debt,
and tax equity to support completion of its portfolio. Today,
Longroad owns over 2.4 GW of wind, solar, and storage projects,
which are operating or under construction, and operates and manages
a total of 4.0 GW on behalf of Longroad and third parties.
Longroad is owned by the NZ Superannuation Fund, Infratil Limited,
MEAG MUNICH ERGO Asset Management,
and Longroad Energy Partners, LLC.
Web: www.longroadenergy.com
Twitter: @LongroadTweet
LinkedIn: linkedin.com/company/longroad-energy-partners
View original content to download
multimedia:https://www.prnewswire.com/news-releases/black-stone-minerals-and-longroad-energy-sign-exclusive-multi-state-mineral-rights-agreement-301878759.html
SOURCE Longroad Energy Management, LLC