Altius Renewable Royalties Announces New US$30MM Financing of U.S. Distributed Solar Generation Developer
Summary
Distributed Solar Generation DeveloperAltius Renewable Royalties Corporation (ARR) (TSX:ARR, OTCQX: ATRWF) is pleased to announce that its jointly controlled subsidiary, Great Bay Renewables LLC (Great Bay), has entered into a transaction with U.S. renewable energy developer, Nokomis Energy, LLC (Nokomis), to gain future royalties related to Nokomiss portfolio of solar development projects. Great Bay is jointly controlled by Altius Renewable Royalties Corporation and certain Apollo-managed funds (Apollo).Nokomis, based in Minneapolis, Minnesota, is committing its portfolio of 77 development projects located across 7 states to this new royalty investment, as well as any future development projects added to its portfolio.The up to $30 million royalty investment into Nokomis will be invested in tranches as Nokomis achieves certain project advancement milestones. The Great Bay team has proven the ability to enable the growth of utility scale project developers and were looking forward to working with them to apply this model to grow our distributed generation platform. Great Bay will continue to receive royalty assignments and available sales proceeds until the minimum return threshold is met.As part of the transaction, Great Bay has the option to invest an additional US$15 million into Nokomis as royalty financing in the future.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. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.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