Great Bay Renewables, a joint venture between Altius Renewable Royalties Corp and funds managed by Apollo Global Management, has announced a $32.5 million investment in Bluestar Energy Capital. The investment will primarily support Bluestar’s North American renewables development business, Nova Clean Energy, and grant Great Bay royalties on 1.5 GW of Nova’s renewable energy projects. Additionally, Great Bay will acquire a minority stake in Bluestar and collaborate with an undisclosed institutional investor to purchase a minority shareholding in the company.
Investment Details:
Great Bay Renewables will provide a significant majority of its investment to support Bluestar’s North American renewables development business, Nova Clean Energy LLC. In return for its investment, Great Bay will receive royalties on 1.5 GW of renewable energy projects owned by Nova. The company will also gain a minority stake in Bluestar’s subsidiary.
Partnership and Shareholding:
In addition to its investment, Great Bay Renewables will join forces with an unnamed institutional investor to acquire a minority shareholding in Bluestar Energy Capital. The details of the partnership and the institutional investor involved have not been disclosed.
Great Bay Renewables’ investment of $32.5 million in Bluestar Energy Capital’s renewables development platform, specifically focusing on Nova Clean Energy LLC, demonstrates their commitment to advancing the growth of renewable energy projects in North America. Through this investment, Great Bay gains royalties on 1.5 GW of Nova’s projects, secures a minority stake in Bluestar, and collaborates with an institutional investor to support Bluestar’s initiatives. This partnership highlights the continued interest and investment in the renewable energy sector as it strives to achieve a cleaner and more sustainable future.
