Altius Renewable Royalties JV invests in 1.5-GW renewables portfolio

Great Bay Renewables LLC has agreed to make a USD-32.5-million (EUR 30.2m) investment into a recently established renewables development platform Bluestar Energy Capital LLC.

Great Bay is a joint venture between Canadian investor Altius Renewable Royalties Corp (TSE:ARR), which is controlled by Canada's Altius Minerals Corporation (TSE:ALS), and funds managed by affiliates of Apollo Global Management Inc (NYSE:APO).

A “significant majority” of Great Bay’s investment will go into Bluestar’s North American renewables development business, called Nova Clean Energy LLC. In return, Great Bay will get royalties on 1.5 GW of renewable energy projects belonging to Nova and will also take a minority stake in the Bluestar subsidiary.

Additionally, Great Bay will team up with an unnamed institutional investor to buy a minority shareholding in Bluestar. The latter is majority-owned by Declan Flanagan, former CEO of the onshore business of Danish clean energy group Ørsted A/S (CPH:ORSTED) and its US wind unit Lincoln Clean Energy.

Flanagan will remain Bluestar’s majority owner after Great Bay gets on board, according to the statement.

(USD 1.0 = EUR 0.928)

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