- Altius Renewable Royalties announced its joint venture Great Bay Renewables has revealed a US$10.1 million interconnection support facility with Hexagon Energy
- The facility will fund the refundable portions of certain MISO interconnection deposits for six solar development projects
- These projects total roughly 1,500 MWac that has been selected by Hexagon for the advancement in the MISO interconnection queue
- Shares of Altius Renewable Royalties are up 0.210 per cent to C$9.35 as of 11:43 am ET
Altius Renewable Royalties (TSX:ARR), through its joint venture Great Bay Renewables, has revealed a US$10.1 million facility to support Hexagon Energy’s solar projects.
In a news release, Altius Renewable stated that the funding for the facility is focused on the development of certain MISO interconnection deposits for six solar development projects.
The projects, which will total roughly 1,500 megawatt alternating current (MWac), will be used by Hexagon to advance in the MISO interconnection queue.
“This deal provides ongoing support to an important development partner, enabling Hexagon to better utilize the development funding provided by Great Bay under our existing arrangement closed last year to advance critical development activities within its pipeline and accelerate the creation of new GBR royalties rather than tying up capital with interconnection deposits,” Frank Getman, CEO of Great Bay Renewables, said in a statement.
According to Altius Renewable, the projects are part of Hexagon’s 70 gigawatts (GW). Great Bay is jointly controlled by the company and certain funds managed by affiliates of Apollo (NYSE: APO).
Under the terms of the agreement, Great Bay will receive monthly interest payments throughout the agreement term. The facility will be drawn in tranches and will mature at the end of 2024.
Thursday’s announcement comes after Altius Renewable Resources’ Q4 2023 and full-year financial results were revealed earlier in March.
In a news release, the company stated that Great Bay Renewables recorded $10.4 million in royalty revenue for the full year, compared with $7.3 million in 2022, representing an increase of 44 per cent.
Moving into the rest of 2024, it is expected that Great Bay Renewables’ current royalty portfolio, including its construction stage assets, are expected to reach commercial operations in 2024.
Altius Renewable Royalties is a renewable energy royalty company that provides royalty-level investment capital to renewable power developers, operators, and originators. The company has 33 renewable energy royalties representing approximately 2.4 GW of renewable power on operating projects and an additional approximately 6 GW on projects in the development phase.
Shares of Altius Renewable Royalties are up 0.210 per cent to C$9.35 as of 11:43 am ET.
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