Altius Renewable Royalties Invest $32.5MM in Bluestar Energy Capital

Canadian renewable energy powerhouse Altius Renewable Royalties (ARR) has reported the execution of agreements by the company’s jointly controlled subsidiary, Great Bay Renewables, to invest a total of US$32.5 million into a new global renewables development platform, Bluestar Energy Capital, recently incepted and majority-owned by Declan Flanagan, former CEO of Orsted Onshore and Lincoln Clean Energy.

Great Bay will direct a significant majority of the US$32.5 million funding towards commitment to Bluestar’s North American renewables development subsidiary, Nova Clean Energy.

In return, Great Bay will receive royalties on 1.5 GW of renewable energy projects commercialized by Nova as well as a minority equity interest in Nova. Great Bay is also investing alongside another institutional investor for a minority equity ownership in Bluestar, with Declan Flanagan remaining the majority shareholder of Bluestar.

Great Bay sees joint control by ARR and certain funds managed by affiliates of Apollo Global Management.

Frank Getman, CEO, Great Bay commented, “Declan is a recognized leader in renewables and the global energy transition with an incredible track record of success. We are excited to support him and his team in helping create the next great global renewables platform.”

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.