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Altius Renewable Royalties Corp. (OTCQX: ATRWF) announces that its renewable energy partner, Tri Global Energy (TGE), has been acquired by Enbridge Inc.. Following this acquisition, Great Bay Renewables LLC, jointly controlled by ARR and Apollo Global Management, will continue to receive royalty contracts from TGE's projects until recovering its USD $46.5 million investment. This allows Great Bay to optionally acquire further royalties afterwards. CEO Frank Getman expressed optimism about TGE's growth under Enbridge's ownership.
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Great Bay retains royalty contracts from TGE's projects until recouping its USD $46.5 million investment.
Great Bay has the option to acquire additional royalty contracts post-threshold return.
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ARR to Continue to Receive Royalties on Portfolio Projects
ST JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--
Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR” or the “Company”), reports that its renewable energy development partner, Tri Global Energy (“TGE”), announced today it had been acquired by Enbridge Inc. (“Enbridge”). Enbridge’s press release announcing the transaction can be found here.
Following the acquisition, Great Bay Renewables LLC, (“Great Bay”), which is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc., will continue to receive royalty contracts from projects in TGE’s current development pipeline until it hits its threshold return on the USD$46.5 million it has invested in TGE, with no further funding commitment by Great Bay. After Great Bay receives enough royalty contracts for it to achieve its threshold return, Great Bay will have the option to acquire royalty contracts on remaining projects that are developed from TGE’s currently existing portfolio based upon an agreed methodology that utilizes a similar return profile as for project royalties created prior to the threshold return being achieved.
Commenting on Enbridge’s acquisition of TGE, Frank Getman, CEO of Great Bay, stated, “This is the latest example of our flexible, partner-like capital helping strong renewables development teams build their pipelines and attract the attention of major energy companies and strategic investors. We are thrilled for TGE’s success to date and are excited for this next chapter of their development with Enbridge as their parent company.”
About ARR
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR 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.The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
What is the significance of Enbridge acquiring Tri Global Energy for ATRWF?
The acquisition signifies a strategic partnership for Altius Renewable Royalties as it continues to receive royalty income from TGE's projects, enhancing its financial stability.
How will the acquisition affect Great Bay Renewables LLC?
Great Bay will continue to earn royalties from TGE's development pipeline until it recovers its initial investment, allowing future optionality for further royalties.
What is the expected financial impact on ATRWF following the acquisition?
The acquisition is likely to provide stable royalty income to ATRWF while positioning it for potential growth through future project developments.
What is the relationship between Altius Renewable Royalties and Apollo Global Management?
Great Bay Renewables LLC, which is jointly controlled by ARR and Apollo Global Management, manages royalty contracts from TGE's projects.
