January 25, 2023
All $ references in US unless otherwise indicated
Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR”, the “Company”, or the “Corporation”), expects to report Q4 2022 attributable royalty revenue of $0.9 million, which compares to $0.2 million of attributable royalty revenue recorded in Q4 2021. On a full year basis, attributable royalty revenue increased to $3.6 million from $0.3 million recorded in 2021 and reflects the addition of operating royalties in 2022. The 50% owned Great Bay Renewables (“GBR”) joint venture revenue of $7.3 million exceeded the increased guidance range of $6.5 - $7.0 million as disclosed in the press release dated October 17, 2022. The Company intends to provide 2023 revenue guidance with the release of its financial results on March 1, 2023.
Frank Getman, CEO of GBR, commented, “GBR’s renewable royalty model is clearly gaining acceptance as a viable and competitive financing alternative for both developers and operators in North America. We continue to see increased demand and remain on track to build our royalty portfolio significantly as the world continues its inevitable march towards cleaner sources of energy. Recent royalty acquisitions, including the Titan solar project in California, the 1 GW wind project in Hansford County, Texas, as well as 975 MW of projects, stemming from prior developer funding agreements, that are at or near commercial operations, will further augment 2023 revenue.”
Fourth Quarter and Year-End Financial Results Conference Call and Webcast Details
Fourth quarter and year-end financial results will be announced by press release March 1, 2023 after the close of trading. A conference call and webcast will be held on March 2, 2023 at 9:00 am ET to provide a discussion of the business and outlook and to offer an open Q&A session for analysts and investors. Access details are as follows:
Date and time: March 2, 2023, 9 am ET
Toll Free Dial-In Number: +1 888 886 7786
International Dial-In Number: +1 416 764 8658
Conference Call Title and ID: ARR Q4 and Year-End 2022 Financial Results, ID 93453652
Webcast Link: ARR Q4 and Year-End 2022 Financial Results
Non‐GAAP financial measures
† Attributable royalty revenue is a non‐GAAP financial measure. Management uses non-GAAP financial measures to monitor the financial performance of the Corporation and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A, which are available at https://www.arr.energy
ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 33 renewable energy royalties representing approximately 1.4 GW of renewable power on operating projects and an additional approximate 6 GW on projects in development phase, across several regional power pools in the U.S. The Corporation also expects future royalties from GBR's investments in Bluestar Energy Capital and Hodson Energy. 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.
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. 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, VP Investor Relations & Sustainability
Ben Lewis, Chief Financial Officer