Great Bay Renewables LLC (a joint venture between Canadian investor Altius Renewable Royalties Corp (TSE:ARR) and funds managed by affiliates of Apollo Global Management Inc (NYSE:APO)), has agreed to make a USD-32.5-million (EUR 30.2m) investment into a recently established renewables development platform Bluestar Energy Capital LLC.
A “significant majority” of Great Bay’s investment will go into Bluestar’s North American renewables development business, called Nova Clean Energy LLC. In return, Great Bay will get royalties on 1.5 GW of renewable energy projects belonging to Nova and will also take a minority stake in the Bluestar subsidiary.
Great Bay will also team up with an unnamed institutional investor to buy a minority shareholding in Bluestar.
Adapted from an article in Renewables Now