Portsmouth, NH (February 11, 2019) – Great Bay Renewables, Inc. (“Great Bay”) is pleased to announce that in addition to recently being acquired by Altius Renewable Royalties Corp., it has closed a $30 million royalty investment transaction with Tri Global Energy, LLC (“TGE”) to gain future revenue royalties related to TGE’s portfolio of wind energy development projects.
TGE is committing its current portfolio of over 1,500 megawatts (MW) of development projects as well as future projects it develops, but excluding projects already under a sales contract, to this new royalty investment structure with Great Bay, until key financial metrics are achieved. The $30 million royalty investment into a subsidiary of TGE will be provided in tranches as it achieves certain project advancement milestones. As TGE develops and sells individual projects, Great Bay will receive a gross revenue royalty on each project for the full life of the project.
Frank Getman, President and CEO of Great Bay, commented, “We are thrilled to partner with a top-notch developer like TGE for our first major renewable royalty investment. We look forward to a long partnership with TGE as they continue to grow and expand their pipeline of successful renewable energy projects.” Getman added, “There is a real need for new and innovative forms of capital to help develop and finance renewable energy projects, especially as the ITC and PTC government incentives ratchet down in the coming years, and we are in active discussions with several other renewable energy developers.”
“The Tri Global Energy team is continuing its track record of strong execution and strategic growth,” said John Billingsley, Chairman and CEO of Tri Global Energy. “2018 was one of our best years for completing and initiating renewable energy development projects. This transaction with Great Bay will accelerate our development and allow us to extend our involvement in these projects though their financial closings. This investment will help power the company forward through 2021 and beyond. I believe the time is right for innovative financing products like the renewable royalty investment provided by Great Bay.”
Great Bay was advised on this transaction by an advisory team from CCA Capital LLC led by Martin Pasqualini and a legal team at Pierce Atwood LLP led by Kris Eimicke.
About Great Bay Renewables
Great Bay provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. Great Bay’s management team has extensive experience in renewable energy development, financing and operations across a range of renewable technologies located throughout the United States. Great Bay is a subsidiary of Altius Renewable Royalties Corp. Learn more about Great Bay at www.greatbayrenewables.com.
About Tri Global Energy
TGE is a leading developer of wind energy in the U.S. The company is based in Dallas, Texas. Founded in 2009, TGE’s goal is to develop clean energy at an affordable cost through the development of wind projects. The company develops and owns utility-scale wind projects in Texas, Nebraska, Illinois and other U.S. locations.
For further information, please contact
Josh Levine (jlevine@greatbayrenewables.com) at 617.233.2939