Altius, Apollo Invest $30M in Nokomis Solar Projects
- Altius Renewable Royalties and Apollo Global Management invest $30 million in Nokomis Energy, securing future royalties from 77 solar projects. Great Bay Renewables enters distributed solar market with exciting opportunity.
Altius Renewable Royalties and Apollo Global Management have invested USD 30 million in distributed solar generation developer Nokomis Energy LLC. This investment will give Great Bay Renewables future royalties from Nokomis's portfolio of 77 solar PV projects across seven US states. The funds will be provided in tranches over the next two to three years, with an initial tranche of USD 6 million.
This marks Great Bay's first dedicated investment in the distributed solar market, with CEO Frank Getman calling it an "exciting diversification opportunity." Nokomis, based in Minneapolis, Minnesota, has already commercialized over 45 projects. In addition to the initial investment, Great Bay has the option to inject an additional USD 15 million into Nokomis in the future.
What is the significance of Altius Renewable Royalties and Apollo Global Management's investment in Nokomis Energy?
- The investment of USD 30 million by Altius Renewable Royalties and Apollo Global Management in Nokomis Energy signifies a growing interest in the distributed solar generation sector.
- This investment will provide Great Bay Renewables with future royalties from Nokomis's portfolio of 77 solar PV projects across seven US states, diversifying their investment portfolio.
- Nokomis Energy, based in Minneapolis, Minnesota, has already successfully commercialized over 45 projects, showcasing their expertise and track record in the industry.
- The funds will be provided in tranches over the next two to three years, with an initial tranche of USD 6 million, allowing for strategic and sustainable growth of Nokomis Energy.
- Great Bay Renewables also has the option to inject an additional USD 15 million into Nokomis in the future, demonstrating their confidence in the company's potential for further expansion and success in the distributed solar market.
