Renewable Energy Company Provides Additional US$20 Million Royalty Financing To Retail Supplier Affiliate
July 21, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Altius Renewable Royalties Corp. ('ARR' or the 'Company') announced that its jointly controlled subsidiary, Great Bay Renewables, LLC ('Great Bay') has closed a follow-on royalty investment of US$20 million with Apex Clean Energy ('Apex') related to Apex’s broad portfolio of wind, solar and energy storage development projects located across North America.
Great Bay provided an initial US$35 million in royalty financing to Apex in March 2020, with agreed mutual options for additional funding.
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators through its joint venture Great Bay Renewables, LLC. Apollo Fund ('Apollo') is earning into a 50% joint venture interest by investing US$80 million. The funding of this additional US$20 million will be funded by Apollo pursuant to its earn-in.