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Altius Renewable Royalties Corp. (TSX: ARR) ("ARR" or the "Company"), is pleased to announce that Tri Global Energy ("TGE") has announced the sale of its 175 MW Appaloosa Run wind project in West Texas to an established buyer. The sale results in creation of a 1.5% royalty in favour of ARR’s 50% owned subsidiary, Great Bay Renewables LLC, under its royalty-based portfolio funding agreement with TGE. This sale represents the sixth royalty to be created under the Tri Global Energy agreement with Great Bay Renewables. The six royalties in aggregate represent approximately 1695 MW of solar and wind power.
ARR will report its Q1 2021 financial results Thursday May 6, 2021 after the close of trading, with a conference call and webcast to follow May 7, 2021. The conference call will include an open Q&A session for analysts and investors. Access details are as follows:
May 7, 2021
ARR Q1 2021 Financial Results Conference call and webcast, ID 5486704
1-866-521-4909 OR 1-647-427-2311
The announcement made by TGE today is as follows:
Tri Global Energy Advances 175 MW West Texas Wind Project with Sale of Appaloosa Run
Dallas (May 4, 2021) –Tri Global Energy, an independent renewable energy originator and developer, today announced the sale of its 175 MW West Texas wind project, Appaloosa Run, in southeast Upton County near the county seat of Rankin, Texas. Comprised of approximately 12,300 leased acres, the project’s land is privately owned by a single landowner and Texas’s largest university system, the University of Texas.
Tri Global Energy commenced Appaloosa Run’s development phase in 2018. Estimates call for the wind project to generate millions in tax revenue for local schools and roads, among other local community services.
"It’s projects like these that are driving our clean energy future," said John Billingsley, Chairman and CEO of Tri Global Energy. "Appaloosa Run is TGE’s first project in Upton County and our 13th project to complete development in our home state.
"This project reflects TGE’s proven track record to develop best-in-class renewable energy assets and to further invest in our development pipeline," Billingsley added.
The project is approved for interconnection to the Electric Reliability Council of Texas (ERCOT) electrical grid, which supplies power to more than 25 million Texas customers and represents 90 percent of the state’s electric load.
Great Bay Renewables, a joint venture company between certain funds managed by affiliates of Apollo Global Management, Inc. and Altius Renewable Royalties Corp. (TSX:ARR), is providing royalty financing in support of Tri Global Energy origination and development work for the Appaloosa Run project.
The financial terms of the agreement and the project buyer are undisclosed.
About Tri Global Energy
We are developers of sustainable energy. Tri Global Energy’s mission is to improve communities through local economic development generated by originating and commercializing renewable energy projects. The company currently develops and owns utility-scale wind, solar, and energy storage projects in Texas, Nebraska, Illinois, Indiana, Pennsylvania and Virginia. Tri Global Energy is headquartered in Dallas with regional development offices in Lubbock, Texas; El Paso and Forreston, Illinois; and Reynolds and Hartford City, Indiana. For more information, visit www.triglobalenergy.com.
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005908/en/