It said this was significantly higher than a valuation dated March 31, which concluded its stake was worth only US$220m.
"Infratil is extremely happy with this outcome," Infratil chief executive Jason Boyes said in the statement.
"We remain very optimistic about the opportunities and outlook for Longroad and are pleased to be increasing our investment as part of this transaction."
Boyes said Munich Ergo Asset Management's investment in Longroad was also a "strong endorsement of the business and the sector".
Infratil's share price rose from NZ$8.85 to a record high of NZ$9.04, at the time of writing.
When the Herald asked Boyes what was behind the massive rise in valuation of Infratil's stake in Longroad, he explained that in March, the independent valuer only considered the value looking one year ahead. Whereas in June, it considered the value across multiple years into the future.
"The value was always there, but now it's recognised," Boyes said.
He said a valuation hadn't been done in June using the same methodology as in March. Therefore, apples couldn't be compared with apples.
Coming back to the statement, it explained Longroad has developed and acquired 3.2 gigawatts of wind and solar projects since its establishment in 2016. It still retains 1.5 GW of this sum and has a 15 GW development pipeline composed of wind, solar and storage assets across 13 states in the US.
NZ Super Fund head of external investments and partnerships Del Hart said it's been exciting to see Longroad grow since the Fund first invested in.
"Longroad has been one of the NZ Super Fund's most successful investments," she said.
Longroad chief executive Paul Gaynor said, "The additional capital will allow Longroad to maximise its competitive position in what remains one of the most attractive markets in the world for renewable energy investment."
Longroad management has a 14 per cent stake in the company.
Munich Ergo Asset Management's investment is subject to approvals from the US's Federal Energy Regulatory Commission and the Commission on Foreign Investment.
This transaction is expected to be completed in the last quarter of the calendar year.