Altius Renewable Royalties (ARR) has announced that Great Bay Renewables (Great Bay) has finalized a $30 million royalty investment deal with Apex Clean Energy (Apex) for the 195 MWac Angelo Solar project in Tom Green County, Texas. Scheduled for commercial operations in May 2024, Great Bay, jointly controlled by ARR and certain Apollo-managed funds , evenly financed the transaction.
Apex, a leading player in renewable energy project origination, commercialization, construction, and operation, boasts one of the nation’s largest portfolios of renewable resources. The entire capacity of the Angelo project will be purchased by Meta under an environmental attribute purchase agreement.
The royalty investment structure features varying rates over time, aligning with Great Bay’s investment criteria.
Frank Getman, CEO of Great Bay, remarked, “Angelo Solar is a promising project with a robust off-take contract, set to generate a consistent revenue stream for Great Bay over the long term. We’re proud to support Apex’s endeavors in advancing the energy transition through this investment in an upcoming operational project.”
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 Kris Eimicke
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