Altius Renewable Royalties

Altius Royalties map

Property	Originator	Location	Energy Type	Owner	RTO	Facility Size (MW)	Status	Royalty Rate
Clyde River	Great Bay	Vermont	Hydro	Gravity Renewables	ISO New England	5	Operational	10% of revenue
Prospero 2	Longroad Energy	Texas	Solar	Longroad Energy	ERCOT	250	Operational	Variable¹
Old Settler²	Northleaf Capital	Texas	Wind	Northleaf Capital	ERCOT	150	Operational	Variable¹
Cotton Plains²	Northleaf Capital	Texas	Wind	Northleaf Capital	ERCOT	50	Operational	Variable¹
Phantom²	Northleaf Capital	Texas	Solar	Northleaf Capital	DND	15	Operational	Variable¹
Titan Solar	Sunpin	California	Solar	Longroad Energy	CAISO	70	Operational	Variable¹
Hansford County Wind	Apex	Texas	Wind	TBA	SPP	658	Operational	Fixed per MWh
Jayhawk	Apex	Kansas	Wind	WEC Energy / Invenergy	SPP	195	Operational	2.5% of revenue
Young Wind	Apex	Texas	Wind	NextEra Energy	ERCOT	500	Operational	2.5% of revenue
Appaloosa	TGE	Texas	Wind	NextEra Energy	ERCOT	175	Operational	1.5% of revenue
Canyon	TGE	Texas	Wind	NextEra Energy	ERCOT	308	Operational	2.4% of revenue⁵
Angelo Solar	Apex	Texas	Solar	Apex Energy	ERCOT	195	Operational	Variable¹
El Sauz	Apex	Texas	Wind	JERA Renewables	ERCOT	300	Operational	2.5% of revenue
Panther Grove 1	TGE	Illinois	Wind	Copenhagen Infrastructure Partner	PJM	400	Construction	3% of revenue
Sequoia I	TGE	Texas	Solar	Enbridge	ERCOT	400	Construction	1.5% of revenue
Sequoia II	TGE	Texas	Solar	Enbridge	ERCOT	350	Construction	1.5% of revenue
Lawrence Solar	TGE	Pennsylvania	Solar	Enbridge⁶	PJM	175	Development	1.5% of Revenue
Blackford Wind	TGE	Indiana	Wind	Leeward	PJM	200	Development	3% of revenue
Blackford Solar	TGE	Indiana	Solar	Leeward	PJM	150	Development	1.5% of revenue
Honey Creek	TGE	Indiana	Solar	Leeward	PJM	400⁴	Development	1.5% of revenue
Hoosier Line	TGE	Indiana	Wind⁷	Leeward	PJM	180	Development	3% of revenue
Shannon	TGE	Illinois	Wind	Enbridge⁶	PJM	150	Development	3% of Revenue
Gloucester Solar	TGE	Virginia	Solar	Enbridge⁶	PJM	150	Development	1.5% of Revenue
Sugar Loaf	TGE	Nebraska	Wind	Enbridge⁶	SPP	150	Development	3% of Revenue
Vermillion Grove	TGE	Illinois	Wind	Enbridge⁶	PJM	255	Development	3% of Revenue
Vermillion Solar	TGE	Illinois	Solar	Enbridge⁶	PJM	150	Development	1.5% of Revenue
Wyoming I	TGE	Wyoming	Wind	Enbridge⁶	WECC	250	Development	3% of Revenue
Easter Project	TGE	Texas	Wind	Enbridge⁶	SPP	150	Development	3% of Revenue
Flatland	TGE	Texas	Solar	TBA	ERCOT	180	Development	1.5% of revenue equiv⁸
Water Valley	TGE	Texas	Wind	Enbridge⁶	ERCOT	150	Development	3% of Revenue
Cone/Crosby III	TGE	Texas	Wind	Enbridge⁶	SPP	300	Development	3% of Revenue
Undisclosed	Hexagon	Virginia	Wind	Hexagon	PJM	138	Development	Undisclosed
3 Early Stage TGE Projects	TGE	Western U.S.	Solar	Enbridge⁶		1011	Development	1.5% of Revenue

Scroll to the right to see the table data.

FOOTNOTES

Note: Sum of wind and solar early-stage development projects related to Enbridge acquisition is 15 compared to 17 referenced in the Material Change Report filed Oct 5 2022 (see SEDAR) because of two multi-phase projects.
¹Royalties with variable rates adjust under certain conditions, guaranteeing a minimum return threshold under certain timelines, after which a lower royalty percentage is applied

²While Old Settler Wind Project, Cotton Plains Wind Project, and Phantom Solar Project are three separate projects, GBR's investment was under one agreement, which includes the three projects as a single portfolio

³Expected COD based on internal assumptions and not detailed knowledge of construction date

⁴Facility size may be completed in phases

⁵Canyon sliding scale royalty between 2-3%, see ARR press release 06/29/2022

⁶Developer TGE was acquired by Enbridge, see ARR press release on 09/29/2022

⁷Project may be converted to solar

⁸Flatland fixed payments equivalent to 1.5%, see ARR press release 06/29/2022

Our Partners

Tri Global Energy

Through GBR, ARR first invested in Tri Global Energy (“TGE”), the premier Texas-based renewable energy developer, in February 2019. GBR's current $46.5 million royalty investment is structured in a way that as TGE sells projects from their large portfolio of development projects, a gross-revenue royalty agreement is distributed to GBR on the specific wind and solar projects as they are developed and sold. Additional royalty agreements will continue to be created at the time projects are sold or begin construction until a certain return threshold is achieved. Wind and solar projects with royalties payable to GBR will continue to generate cashflow for the life of these projects.

Tri Global Energy In October 2022, TGE was acquired by Enbridge Inc. Following the acquisition, GBR will continue to receive royalty contracts from projects in TGE’s current development pipeline until it hits its threshold return on its investment in TGE, with no further funding by GBR. After GBR receives enough royalty contracts for it to achieve its threshold return, it will have the option to acquire royalty agreements on remaining projects that are developed from TGE’s currently existing portfolio using an agreed-upon methodology that utilizes a similar return profile as for project royalties created prior to the threshold return being achieved.
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To date, GBR holds royalty interests in 23 TGE-developed renewable projects ranging from 100 MW to 400 MW of capacity across the United States. Estimated COD dates are between Q4 2023 and 2028.

Northleaf Capital Partners

In Q3 2021, GBR closed a US$52.5 million royalty investment with Northleaf Capital Partners on three operating wind and solar projects, all in Texas. The portfolio includes the 151 MW Old Settler wind project, the 50 MW Cotton Plains wind project and the 15 MW Phantom Solar project, with the Old Settler output being sold into the ERCOT market, and the others being sold under fixed-price contracts with the US Department of Defense through 2045.

Longroad Energy

In Q3 2021, GBR closed a US$35M royalty investment with Longroad Energy on the 250MWac operating solar project in Texas, Prospero 2.GBR expects to earn a return of 8-12% on its investment, with royalty revenue starting at a lower level from 2022 – 2027 and then increasing materially.

In December 2022, GBR entered into another transaction with Longroad Energy, acquiring a royalty on Titan Solar, an operating solar project in California.

Bluestar Energy Corporation

In Q2 2022, GBR closed a US$32.5M investment into anew global renewables development platform, Bluestar Energy Capital LLC founded by Declan Flanagan, former CEO of Orsted Onshore and Lincoln Clean Energy.

Hodson Energy

In Q3 2022, GBR closed a US$40 million investment into Hodson Energy’s 1.8 MWac solar and battery storage portfolio which is concentrated in the mid-Atlantic region.

Hexagon Energy

In June 2023, GBR committed to invest US$45 million into Hexagon Energy, LLC, which is committing its portfolio of 43 development projects totalling 5.3 GWac located across 12 states and four regional transmission organizations. The projects are solar, solar plus storage and standalone storage.