Altius Renewable Closes $52.5 Mn Royalty Investment with Northleaf for 3 Solar, Wind Projects

Altius Renewable Royalties reports that its joint venture subsidiary Great Bay Renewables has closed a US$52.5 million royalty investment with Northleaf Capital Partners related to three operating-stage wind and solar renewable energy projects located in Texas.

October 04, 2021. By News Bureau

Altius Renewable Royalties reports that its joint venture subsidiary Great Bay Renewables has closed a US$52.5 million royalty investment with Northleaf Capital Partners related to three operating-stage wind and solar renewable energy projects located in Texas.

GBR is a joint venture company of ARR and funds managed by affiliates of Apollo Global Management, Inc.

The royalty investment has been structured using royalty rates that vary over time and provide GBR with US$ 4-7 million per year over the first 10 years of the investment.

The structure also allows ARR to achieve its investment hurdle targets while optimizing Northleaf’s project level cash flow profile. 

Jared Waldron, Managing Director at Northleaf, said, “We are pleased to be partnering with GBR to implement an innovative financing solution that will create value for our investors. As long-term assets producing stable cash flows from the generation of clean energy, the Projects will benefit from the long-term financing afforded by this new royalty structure.”
 

ARR is also pleased to announce that it has been notified of the sale of a 500 MW renewable energy project in Texas from one of its funded developer partners to a confidential buyer and the creation of a 2.5% royalty in favour of GBR. GBR has been informed that the project is currently slated to issue notice-to-proceed in early 2022.

Brian Dalton, CEO of ARR, commented, “Our GBR joint venture subsidiary expects to become cash flow positive in 2022. This milestone has been reached sooner than expected and is a tremendous credit to the team.

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