ST. JOHN’S, Newfoundland–(BUSINESS WIRE)–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 executed agreements to invest a total of US$32.5 million into a new global renewables development platform, Bluestar Energy Capital LLC (“Bluestar”), recently founded and majority-owned by Declan Flanagan, former CEO of Orsted Onshore and Lincoln Clean Energy.
Great Bay will invest the significant majority of the total US$32.5 million commitment into Nova Clean Energy, LLC (“Nova”), the North American renewables development subsidiary of Bluestar. In exchange, Great Bay will receive royalties on 1.5 GW of renewable energy projects commercialized by Nova as well as a minority equity interest in Nova. Great Bay is also investing alongside another institutional investor for a minority equity ownership in Bluestar, with Declan Flanagan remaining the majority shareholder of Bluestar.
Frank Getman, CEO of Great Bay commented, “Declan is a recognized leader in renewables and the global energy transition with an incredible track record of success. We are excited to support him and his team in helping create the next great global renewables platform.”
Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.
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. ARR has 16 renewable energy royalties representing 3,510 MW of renewable power, diversified by wind, solar, stage of development or operations and regional power pool in the U.S. 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.
This news release contains forward‐looking information. 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. 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.