Altius Renewable Royalties Announces New Us$40Mm Financing Of U.S. Solar Plus Battery Storage Developer With 1.8 Gw Pipeline
Altius Renewable Royalties Announces New Us$40Mm Financing Of U.S. Solar Plus Battery Storage Developer With 1.8 Gw Pipeline
07/29/22, 1:30 PM
Location
st. john'sMoney raised
$40 million
Altius Renewable Royalties Corporation (“ARR”) (ARR:TSX, ATRWF: OTCQX) is pleased to announce that its jointly controlled subsidiary, Great Bay Renewables LLC (“Great Bay”), has entered into a transaction with U.S. renewable energy developer, Hodson Energy, LLC (“Hodson”), to gain future royalties related to Hodson’s portfolio of solar plus battery storage development projects. Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.
Company Info
Location
st. john’s, newfoundland and labrador, canada
Additional Info
New York-based Hodson is committing its entire portfolio of solar plus storage projects located primarily in the Mid-Atlantic region of the U.S. and any additional projects added in the future to this new royalty investment structure with Great Bay. Great Bay will receive a royalty on all projects developed and vended by Hodson until a minimum total return threshold is achieved. The targeted IRR threshold is consistent with the upper part of Great Bay’s previously disclosed 8-12% base hurdle rate range before factoring in potential longer-term option value realizations.