Altius Announces $32.5 million investments in RE platform

Canada-based Altius Renewable Royalties Corp. has reported that its jointly controlled subsidiary, Great Bay Renewables– popularly known as ‘Great Bay’ – has executed agreements to invest a total of $32.5 million into a new global renewables development platform, Bluestar Energy Capital.

Bluestar was founded recently and its majority stakes are owned by Declan Flanagan, former CEO of Orsted Onshore and Lincoln Clean Energy.

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

Great Bay is also investing alongside another institutional investor for a minority equity ownership in Bluestar, with Declan Flanagan remaining the majority shareholder of Bluestar.

Frank Getman, CEO of Great Bay said on the development, “Declan is a recognized leader in renewables and the global energy transition with an incredible track record of success. We are excited to support him and his team in helping create the next great global renewables platform.” Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management.

Altius was recently formed in North America to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. Altius has 16 renewable energy royalties representing 3,510 MW of renewable power, diversified by wind, solar, stage of development or operations and regional power pool in the U.S.

In October, 2021, Altius closed a royalty investment related to three renewable energy projects in Texas which had the combined energy of 216 MW. Specifically, 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 expertise with innovative, partner-focused solutions to further the growth of the RE sector as it fulfills its critical role in enabling the global energy transition.