ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Renewable Royalties (TSX:ARR) (OTCQX:ATRWF) (“ARR”) reports that Great Bay Renewables (“Great Bay”) today announced it has entered into a $30 million royalty investment with Apex Clean Energy (“Apex”) related to Apex’s 195 MWac Angelo Solar project in Tom Green County, Texas (“Angelo”) which is anticipated to achieve commercial operations in May 2024. Great Bay is jointly controlled by ARR and certain Apollo-managed funds (NYSE: APO), who have funded the transaction on an equal basis.
Apex is an established industry leader in origination, commercialization, construction and operation of utility-scale renewable energy projects, with one of the largest portfolios of renewable resources in the nation. The full capacity of Angelo will be sold to Meta under an environmental attribute purchase agreement.
The royalty investment has been structured using royalty rates that vary over time and achieve Great Bay’s investment hurdles.
Frank Getman, CEO of Great Bay, commented, “Angelo Solar is a great project with a strong off-take contract and should provide a stable stream of revenue to Great Bay for years to come. We are pleased to support Apex’s efforts to speed and shape the energy transition through this investment in a soon-to-be operating project.”
Great Bay was advised on this transaction by an advisory team from CCA Capital LLC led by Martin Pasqualini and a legal team at Pierce Atwood LLP led by Kris Eimicke.
About ARR
ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 33 renewable energy royalties representing approximately 2.4 GW of renewable power on operating projects and an additional approximate 6GW on projects in development phase, across several regional power pools in the U.S. The Corporation also expects future royalties from GBR's investments in Bluestar Energy Capital, Hodson Energy and Hexagon. The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Forward-looking information
This news release contains forward‐looking information as defined under Canadian securities laws which reflect management’s current expectations. Some of the specific forward-looking statements contained herein include, but are nonlimited to, the projected revenues on the Royalty. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of ARR under the Company’s profile at www.sedarplus.ca.
