Altius Renewable Royalties Announces US$40MM Bridge Facility with Nova Clean Energy
Altius Renewable Royalties (ARR) has announced that its subsidiary, Great Bay Renewables, has entered into a US$40 million secured term loan facility with Nova Clean Energy. This follow-on transaction will provide Great Bay with up to 500 MW of additional royalties on Nova's project pipeline, depending on the amount drawn as projects are commercialized.
This is in addition to the royalties on 1.5 GW of renewable energy projects Great Bay received from its initial investment in Nova and Bluestar Energy Capital in May 2022. Nova has since built an impressive pipeline of 25 wind, solar, and battery storage projects totaling approximately 6.5 GW. The loan has a three-year term and can be drawn immediately, with proceeds used for ongoing development activities and interconnection-related deposits.
Altius Renewable Royalties (ARR) ha annunciato che la sua controllata, Great Bay Renewables, ha stipulato un prestito garantito a termine di 40 milioni di dollari USA con Nova Clean Energy. Questa transazione aggiuntiva fornirà a Great Bay fino a 500 MW di royalties aggiuntive sul progetto pipeline di Nova, a seconda dell'importo prelevato man mano che i progetti vengono commercializzati.
Questo si aggiunge alle royalties su progetti di energia rinnovabile da 1,5 GW che Great Bay ha ricevuto dal suo investimento iniziale in Nova e Bluestar Energy Capital nel maggio 2022. Da allora, Nova ha costruito un impressionante pipeline di 25 progetti di energia eolica, solare e stoccaggio di batterie per un totale di circa 6,5 GW. Il prestito ha una durata di tre anni e può essere prelevato immediatamente, con i proventi utilizzati per attività di sviluppo in corso e depositi relativi all'interconnessione.
Altius Renewable Royalties (ARR) ha anunciado que su filial, Great Bay Renewables, ha acordado un préstamo a plazo garantizado de 40 millones de dólares EE.UU. con Nova Clean Energy. Esta transacción adicional proporcionará a Great Bay hasta 500 MW de regalías adicionales en el pipeline de proyectos de Nova, dependiendo del monto retirado a medida que los proyectos se comercializan.
Esto se suma a las regalías de proyectos de energía renovable de 1.5 GW que Great Bay recibió de su inversión inicial en Nova y Bluestar Energy Capital en mayo de 2022. Desde entonces, Nova ha construido un impresionante pipeline de 25 proyectos de energía eólica, solar y almacenamiento de baterías que suman aproximadamente 6.5 GW. El préstamo tiene un plazo de tres años y puede ser retirado de inmediato, con los fondos utilizados para actividades de desarrollo en curso y depósitos relacionados con la interconexión.
Altius Renewable Royalties (ARR)는 그 자회사인 Great Bay Renewables가 Nova Clean Energy와 4천만 달러의 담보 대출 시설에 들어갔다고 발표했습니다. 이 후속 거래는 프로젝트가 상업화됨에 따라 인출된 금액에 따라 Great Bay에 최대 500MW의 추가 로열티를 제공합니다.
이는 Great Bay가 2022년 5월 Nova 및 Bluestar Energy Capital에 대한 초기 투자에서 받은 1.5GW의 재생 가능 에너지 프로젝트에 대한 로열티에 추가되는 것입니다. 그 이후로 Nova는 약 6.5GW에 달하는 25개의 풍력, 태양광 및 배터리 저장 프로젝트의 인상적인 파이프라인을 구축했습니다. 대출은 3년의 기간을 가지며 즉시 인출 가능하며, 수익은 지속적인 개발 활동 및 상호 연결 관련 예치금에 사용됩니다.
Altius Renewable Royalties (ARR) a annoncé que sa filiale, Great Bay Renewables, a conclu un prêt à terme sécurisé de 40 millions de dollars américains avec Nova Clean Energy. Cette transaction secondaire fournira à Great Bay jusqu'à 500 MW de royalties supplémentaires sur le pipeline de projets de Nova, en fonction du montant tiré à mesure que les projets sont commercialisés.
Ceci s'ajoute aux royalties sur 1,5 GW de projets d'énergie renouvelable que Great Bay a reçues de son investissement initial dans Nova et Bluestar Energy Capital en mai 2022. Depuis lors, Nova a construit un impressionnant pipeline de 25 projets d'énergie éolienne, solaire et de stockage par batterie totalisant environ 6,5 GW. Le prêt a une durée de trois ans et peut être tiré immédiatement, les fonds étant utilisés pour les activités de développement en cours et les dépôts liés à l'interconnexion.
Altius Renewable Royalties (ARR) hat angekündigt, dass ihre Tochtergesellschaft, Great Bay Renewables, ein gesichertes Darlehen in Höhe von 40 Millionen US-Dollar mit Nova Clean Energy abgeschlossen hat. Diese Folgefinanzierung wird Great Bay bis zu 500 MW an zusätzlichen Royalties aus dem Projektpipeline von Nova zur Verfügung stellen, abhängig von dem Betrag, der abgerufen wird, während die Projekte in den kommerziellen Betrieb übergehen.
Dies kommt zusätzlich zu den Royalties aus 1,5 GW an Erneuerbare-Energien-Projekten, die Great Bay aus ihrer Anfangsinvestition in Nova und Bluestar Energy Capital im Mai 2022 erhalten hat. Seitdem hat Nova eine beeindruckende Pipeline von 25 Wind-, Solar- und Batteriespeicherprojekten mit insgesamt etwa 6,5 GW aufgebaut. Das Darlehen hat eine Laufzeit von drei Jahren und kann sofort abgerufen werden, wobei die Erlöse für laufende Entwicklungsaktivitäten und verbindliche Einzahlungen verwendet werden.
- Secured US$40 million loan facility with Nova Clean Energy
- Potential for up to 500 MW of additional royalties on Nova's project pipeline
- Nova's pipeline has grown to 6.5 GW across 25 wind, solar, and battery storage projects
- Option to convert outstanding principal and interest into future financing round at a discount
- None.
ST. JOHN’S,
Frank Getman, CEO of Great Bay commented, “Nova has made tremendous progress since its formation and our original investment a little over two years ago. We are delighted to be able to continue to support Nova in its efforts to create the next great renewables platform and to be able to participate in its continued success.”
Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.
Transaction Terms
Nova can draw up to
Great Bay was advised on this transaction by an advisory team from CCA Capital LLC led by Martin Pasqualini and a legal team at Pierce Atwood LLP led by Kris Eimicke.
About ARR
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. ARR has 11 renewable energy royalties representing approximately 2.4 GW of renewable power on operating projects and an additional approximate 5.8 GW on projects in development phase, across several regional power pools in the
Forward-looking information
This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724418243/en/
For further information, please contact:
Flora Wood, Corporate Secretary
Email: Flora@arr.energy
Tel: 1.877.576.2209
Direct: +1(416)346.9020
Ben Lewis, CFO
Email: Ben@arr.energy
Tel: 1.877.576.2209
Source: Altius Renewable Royalties Corporation
FAQ
What is the value of the loan facility Altius Renewable Royalties (ATRWF) secured with Nova Clean Energy?
How many additional megawatts of royalties could Great Bay receive from this transaction with Nova Clean Energy?
What is the current size of Nova Clean Energy's project pipeline as of March 2024?
What is the term of the loan facility between Great Bay Renewables and Nova Clean Energy?
