September 29, 2022
Altius Renewable Royalties Development Partner Tri Global Energy Acquired by Enbridge
ARR to Continue to Receive Royalties on Portfolio Projects
St John’s, Canada: 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.”
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.
For further information, please contact:
Flora Wood, Corporate Secretary
Ben Lewis, CFO