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Altius Renewable Royalties (ARR) announces that Great Bay Renewables (Great Bay) has entered into a $30 million royalty investment agreement with Apex Clean Energy (Apex) for the 195 MWac Angelo Solar project in Tom Green County, Texas Did. Great Bay, which is scheduled for commercial operation in May 2024, is co-managed by certain funds managed by ARR and Apollo, which equally funded the transaction.
Apex is a leading company in the initiation, commercialization, construction and operation of renewable energy projects and boasts the largest portfolio of renewable resources in the country. The entire capacity of the Angelo project will be purchased by Meta under an environmental attribute purchase agreement.
The royalty investment structure features rates that change over time in line with Great Bay’s investment criteria.
Great Bay CEO Frank Getman said: “Angelo Solar is a promising project with strong offtake agreements that will generate a consistent revenue stream for Great Bay over the long term. We are proud to support their efforts.”
Great Bay received advisory support from a team at CCA Capital LLC led by Martin Pasqualini and legal guidance from Pierce Atwood LLP led by Chris Eimike.
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