Great Bay Renewables Announces Closing of $247 Million Credit Facility
Portsmouth, NH (October 31, 2023) – Great Bay Renewables, LLC, a joint venture company between certain funds managed by affiliates of Apollo (NYSE: APO) (the “Apollo Funds”) and Altius Renewable Royalties Corporation (TSX: ARR, OTCQX: ATRWF), today announced that certain subsidiaries of Great Bay Renewables (“Great Bay”) have entered into senior secured credit financing agreements in the aggregate amount of $247 million.
The financing includes a $123.5 million initial term facility, a $100 million delayed draw term facility, and a $23 million letter of credit facility, with the two term facilities qualifying for green loan eligibility.
Frank Getman, CEO of Great Bay, commented, “We are pleased to secure this facility, which enables us to accelerate our growth trajectory in the renewable royalty sector while maintaining a competitive cost of capital. This agreement represents another strong endorsement of our business model, and with over $350 million of investment agreements signed to date, positive cash flow, and an approximate 15.0 GW portfolio of development stage royalties, we are well positioned to continue scaling our platform. We are also thankful for the strong support we’ve received from two leading banks, MUFG and Natixis, and look forward to building upon this relationship as we continue to grow the company.”
Apollo Infrastructure Partner Corinne Still said, “We are pleased with the impressive growth Great Bay has demonstrated since inception, scaling to a diversified portfolio with over 2.0 GW of operating royalties and a significant development royalty pipeline. The closing of this financing marks yet another important milestone for the company, providing capital that we believe will enable Great Bay to continue on this growth trajectory. This transaction further highlights Apollo’s expertise investing in and financing clean energy projects to help drive a more sustainable future and we are excited to continue investing in Great Bay alongside ARR to fund future growth.”
MUFG Bank and Natixis Corporate & Investment Banking (“Natixis CIB”) are serving as Coordinating Lead Arrangers, Bookrunners, Syndication Agents, and hedge providers for the facilities.
Great Bay was advised on this transaction by the legal teams at Vinson & Elkins LLP led by Tzvi Werzberger and Pierce Atwood LLP led by Kris Eimicke, and the advisory team at Apterra Infrastructure Capital led by Ralph Cho.