Clean power investor Great Bay Renewables has closed an additional $25m royalty investment in Tri Global Energy’s portfolio of wind and solar projects in the US.
Great Bay Renewables said the follow-on investment in Tri Global is the first it has made following a recently announced joint venture between certain funds managed by affiliates of Apollo Global Management and Altius Minerals Corporation subsidiary Altius Renewable Royalties to accelerate the growth of Great Bay’s renewable energy royalty business.
The new investment in Tri Global is an extension of the current $30m royalty investment that Great Bay made in the company in early 2019, bringing the total royalty capital commitment to $55m.
As Tri Global develops and sells individual projects, Great Bay receives a gross revenue royalty on each project for the full life of the project.
Tri Global has sold nearly 1GW of renewable energy projects subject to the Great Bay royalty programme and currently has over 2.5GW in its development pipeline.
Great Bay president and chief executive Frank Getman said: “We are excited to provide this extension of our current royalty investment based on TGE’s continued success in selling projects and expanding its development portfolio.
“The Great Bay royalty capital is helping TGE expand and diversify into developing solar energy as well as additional wind energy projects in new regions.
“We value our partnership with TGE and are thrilled to continue the advancement of a clean energy future through our renewable royalty financing.”
Tri Global Energy chairman and chief executive John Billingsley said: “Today Tri Global Energy is one of the top five developers of wind energy in the US because of our commitment to growth and notable partnerships, like that with Great Bay.
“We also really believe the future of this country and around the world is renewable energy. And it’s not a question of whether or when we’re going to get there. We’re already here.”