Altius Renewable Royalties Announces Additional US$20 Million Royalty Financing to Apex Clean Energy
ST. JOHN’S, Newfoundland--(BUSINESS WIRE)--Jul 21, 2021--
Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”), is pleased to report 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. The Company 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210721005825/en/
CONTACT: For further information, please contact:Flora Wood
Direct: +1(416)346.9020Ben Lewis
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY OTHER ENERGY
SOURCE: Altius Renewable Royalties Corp.
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PUB: 07/21/2021 01:58 PM/DISC: 07/21/2021 01:58 PM