Altius Announces $32.5 million investments in RE platform

May 9, 2022 01:05 PM ET
  • Altius' subsidiary Great Bay Renewables has actually carried out agreements to spend into a new international renewables development platform called Bluestar Energy Capital.
  • Great Bay is likewise investing alongside another institutional financier for a minority equity ownership in Bluestar

Canada-based Altius Renewable Royalties Corp. has reported that its collectively regulated subsidiary, Great Bay Renewables-- popularly referred to as 'Great Bay'-- has performed agreements to invest a total amount of $32.5 million right into a new international renewables development platform, Bluestar Energy Capital.

Bluestar was founded recently as well as its majority stakes are possessed by Declan Flanagan, former chief executive officer of Orsted Onshore and also Lincoln Clean Energy.

In its official announcement, Altius has actually said that Great Bay will certainly spend the significant majority of the total $32.5 million commitment right into Nova Clean Energy, the North American renewables development subsidiary of Bluestar. In exchange, Great Bay will certainly receive royalties on 1.5 GW of renewable resource projects commercialized by Nova as well as a minority equity interest in Nova.

Great Bay is additionally investing alongside an additional institutional financier for a minority equity ownership in Bluestar, with Declan Flanagan remaining the majority shareholder of Bluestar.

Frank Getman, CEO of Great Bay stated on the development, "Declan is an identified leader in renewables and the global energy transition with an incredible performance history of success. We are excited to support him as well as his team in assisting produce the following great worldwide renewables platform." Great Bay is collectively regulated by ARR and also specific funds handled by affiliates of Apollo Global Management.

Altius was lately formed in The United States and Canada to offer long-lasting, royalty level investment capital to renewable power designers, drivers, as well as originators. Altius has 16 renewable resource royalties representing 3,510 MW of renewable power, diversified by wind, solar, stage of development or operations as well as local power pool in the united state

In October, 2021, Altius closed a royalty investment related to 3 renewable resource projects in Texas which had the combined energy of 216 MW. Particularly, these projects are two wind farms-- 151MW Old Setter, 50 MW Cotton Plains-- and one 15MW Phantom Solar Plant.

Altius claims that it combines industry knowledge with cutting-edge, partner-focused solutions to further the growth of the RE market as it meets its critical role in making it possible for the international energy transition.

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