Altius Renewable Royalties Announces New US$40MM Financing in Hodson Energy
Altius Renewable Royalties Corporation announce that its jointly controlled subsidiary, Great Bay Renewables LLC, has entered into a transaction with U.S. renewable energy developer, Hodson Energy, LLC, to gain future royalties related to Hodson’s portfolio of solar plus battery storage development projects.
August 01, 2022. By News Bureau
Great Bay is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.
New York-based Hodson is committing its entire portfolio of solar plus storage projects located primarily in the Mid-Atlantic region of the U.S. and any additional projects added in the future to this new royalty investment structure with Great Bay.
Great Bay will receive a royalty on all projects developed and vended by Hodson until a minimum total return threshold is achieved.
The targeted IRR threshold is consistent with the upper part of Great Bay’s previously disclosed 8-12% base hurdle rate range before factoring in potential longer-term option value realizations.
Commenting on the new partnership with Hodson, Frank Getman, CEO of Great Bay, said “We are thrilled to add another high-quality developer to our developer royalty program. This is another example of Great Bay’s flexible, partner-like capital supporting a quality project developer as the broader renewables sector navigates the current challenges of interconnection delays, inflation, higher interest rates and supply chain issues. These challenges are creating a significant opportunity for our patient, long-term investment offering,” Getman added. “It’s ‘go-time’ right now for Great Bay.”
RS Gill, Founder and CEO of Hodson, added “We are excited to team up with Great Bay to help us build out our existing pipeline of high-quality projects and enter a new phase of growth. In addition to pursuing previously identified and new opportunities in the PJM and MISO territories, we now have the bandwidth and financial resources to explore new opportunities and relationships in Texas and the greater Southwest region. Great Bay’s financing structure makes us goal aligned and provides Hodson with the financial flexibility we need to pursue our strategic objectives.“
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