Altius Renewable Royalties Forms Joint Venture with Apollo Infrastructure Funds
TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation
October 13, 2020 | News Release
Altius Renewable Royalties Forms Joint Venture with
Apollo Infrastructure Funds
Altius Minerals Corp. (ALS:TSX) (ATUSF: OTCQX) (“Altius”) reports that its subsidiary, Altius Renewable
Royalties Corporation (“ARR”), has entered into a strategic relationship with certain funds (the “Apollo
Funds”) managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo”) to accelerate the
growth of its innovative renewable energy royalty business.
Under the agreement structure the Apollo Funds will solely fund the next US$80 million in approved
investment opportunities in Great Bay Renewables Inc. (“Great Bay” or “GBR”), which is the US based
operating subsidiary of ARR, in exchange for a 50% stake in GBR, with opportunities thereafter funded
equally by the Apollo Funds and ARR and with an equally shared governance structure. Apollo Funds
have disclosed that they expect to invest up to US$200 million in GBR. A conference call and webcast
will be held today to discuss the event.
ARR and Apollo see significant opportunities for Great Bay to provide renewable energy royalty financing
to help fund the development of wind, solar and energy storage projects to be built in the U.S. and
Canada over the next decade. GBR’s innovative and proprietary royalty structure can be applied to all
stages of a renewable project’s life cycle, making it an attractive financing solution. To date, GBR has
completed over US$60 million in investments in leading developers like Apex Clean Energy and Tri
Global Energy that are advancing over 18 gigawatts of wind and solar projects. Its pipeline of potential
new investment opportunities continues to expand as royalty financing gains increasing adoption within
the renewable energy sector.
Altius CEO Brian Dalton commented, “ARR has developed royalty financing for the utility -scale
renewable energy sector at a time when its growth and need for financing innovation is without precedent.
Through the hard work of the GBR management team in New Hampshire led by Frank Getman, a doption
of royalty financing as a partner-friendly and accretive form of capital has been building steadily and has
now reached an important inflection point.“ He then added, “The team at Apollo stood out during our
search for a strategic partner in terms of their depth of industry knowledge, like-minded vision for the
future technical and financial evolution of the renewable energy sector as well as the spirit of partnership
and cooperation that they brought to the table. We are very excited to work together to r apidly scale the
business and help accelerate the growth of the renewable energy sector through innovative royalty
partnerships.”
“Demand for renewable energy and storage continues to increase with the ongoing energy transition, and
the Altius and Great Bay team has established itself as an ideal partner to help companies finance these
critical endeavors,” said Geoffrey Strong, Senior Partner and Co -Head of Infrastructure and Natural
Resources at Apollo. “Our longstanding track record in renewable energy within our infrastructure business
along with our familiarity and expertise in royalties gives us great confidence in establishing this new joint
venture with Altius and Great Bay”.
Frank Getman, CEO of Great Bay commented, “Teaming up with Apollo adds incredible expertise and
financial horsepower to help advance the adoption of our innovative renewable royalty financing. New and
innovative forms of capital such as our renewable royalty product will be required as the pace of renewable
energy adoption accelerates and we transition to a clean energy future.”
TSX: ALS | OTCQX: ATUSF Altius Minerals Corporation
Apollo’s Corinne Still added, “We are excited to work with Frank, Brian, and the entire team to offer attractive
capital that will accelerate production of renewable energy and help major corporations, states, and cities
to reach their ambitious sustainability goals.”
Conference Call and Webcast Details
A conference call and webcast will be held today followed by an open question & answer period at 11:00
am ET using the following coordinates:
Toll Free Dial-In Number: (866) 521-4909
International Dial-In Number: (647) 427-2311
Conference ID: 1879834
Webcast Link: Altius Renewable Royalties - Apollo Call
About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego,
Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong,
Shanghai and Tokyo. Apollo had assets under manageme nt of approximately US$414 billion as of June
30, 2020 in credit, private equity and real assets funds invested across a core group of nine industries
where Apollo has considerable knowledge and resources. For more information about Apollo, please visit
www.apollo.com.
About Altius
Altius’s strategy is to create per share growth through a diversified portfolio o f royalty assets that relate to
long life, high margin operations. This strategy further provides shareholders with exposures that are well
aligned with sustainability -related global growth trends including the electricity generation transition from
fossil fuel to renewables, transportation electrification, reduced emissions from steel making and increasing
agricultural yield requirements. These each hold the potential to cause increased demand for many of
Altius’s commodity exposures including copper, rene wable based electricity, several key battery metals
(lithium, nickel and cobalt), clean iron ore, and potash. Altius has 41,464,462 common shares issued and
outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small
Cap and S&P/TSX Global Mining Indices.
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 backed by Altius Renewable Royalties Corp. and funds
managed by affiliates of Apollo. Learn more about Great Bay at www.greatbayrenewables.com or follow us
on LinkedIn.
For further information, please contact:
Ben Lewis
Email: [email protected]
Tel: 1.877.576.2209
Flora Wood
Email: [email protected]
Tel: 1.877.576.2209 or direct 416-346-9020