- Altius Minerals (ALS) commits to $21 million investment in Altius Renewable Royalties (ARR)
- The company is purchasing 2,298,700 shares towards the ARR financing
- ARR also announced that the Great Bay Renewables joint venture has completed a US$46 million royalty investment
- This investment is in support of Longroad Energy’s acquisition of the 70 MWac Titan Solar project in California
- Altius Minerals is engaged in the business of obtaining diversified mining royalties
- Altius Minerals (ALS) closed up by 1.89 per cent trading at $22.63 per share
Altius Minerals (ALS) commits to $21 million investment in Altius Renewable Royalties (ARR).
The company is purchasing 2,298,700 shares towards the ARR financing.
ARR also announced that the Great Bay Renewables joint venture has completed a US$46 million royalty investment. This investment is in support of Longroad Energy’s acquisition of the 70 MWac Titan Solar project in California.
With this participation, Altius will maintain its 59 per cent ownership in ARR. The financing, and Altius’ participation, are subject to customary closing conditions and associated regulatory filings, and is expected to close on or about December 8, 2022.
John Baker, Executive Chairman of Altius, stated,
“In a short timeframe, ARR’s Great Bay joint venture has deployed almost US$300 million into the rapidly expanding US renewable energy sector. The joint venture recently reached the milestone of becoming cash flow positive and has created a strong embedded revenue growth profile. The pace of adoption of its royalty financing model continues to exceed our expectations as evidenced both by its current portfolio, now consisting of 32 projects representing over 6,500 MW of wind and solar generation, and also the top-tier nature of its royalty counter-parties.”
Altius’ strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long-life, high-margin operations.
ARR is a renewable energy royalty company whose business is to provide long-term, royalty-level investment capital to renewable power developers, operators and originators.
Altius Minerals is engaged in the business of obtaining diversified mining royalties.
Altius Minerals (ALS) closed up by 1.89 per cent trading at $22.63 per share.