Great Bay Renewables (“Great Bay”) has entered into a $10.1 million interconnection support facility to assist its development partner Hexagon Energy (“Hexagon”). The secured facility will fund the refundable portions of certain MISO interconnection deposits for six solar development projects totaling approximately 1,500 MWac that Hexagon has selected for advancement in the MISO interconnection queue. These projects are part of Hexagon’s approximately 7.0 GW development portfolio.
Frank Getman, CEO of Great Bay, commented, “This deal provides ongoing support to an important development partner, enabling Hexagon to better utilize the development funding provided by Great Bay under our existing arrangement closed last year to advance critical development activities within its pipeline rather than tying up capital with interconnection deposits.” Getman added, “One of the added benefits of this deal is establishing and confirming the process for Great Bay to post interconnection deposits with MISO on behalf of third parties. We’re hopeful that this could be the beginning of an entirely new product that would result in new royalties or options to acquire royalties with other developers who are not currently partners with Great Bay. Funding interconnection deposits may represent the single biggest pain point in the renewables market today. We’re working hard to make this new product part of the solution,” said Getman.
About Great Bay Renewables
Great Bay Renewables, based in Portsmouth, New Hampshire, provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. To date, Great Bay has committed more than $400 million in royalty financing into the renewable energy sector and has created royalty agreements on over 30 renewable energy projects totaling nearly 2.5 GW. 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 backed by Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) and certain funds managed by affiliates of Apollo (NYSE: APO). Learn more about Great Bay at www.greatbayrenewables.com or follow us on LinkedIn.
For further information, please contact
Zach Farrar at zfarrar@greatbayrenewables.com | 518.951.0413