Portsmouth, NH (April 26, 2021) – Great Bay Renewables, LLC (“Great Bay”) is pleased to report that Tri Global Energy (“TGE”) has announced the sale of two renewable energy projects, namely the 180 MW Hoosier Line Wind project and the 400 MW Honey Creek Solar project, to Leeward Renewable Energy, a portfolio company of Canadian pension fund subsidiary OMERS Infrastructure.
Great Bay, which is equally owned by Altius Renewable Royalties Corp. and certain funds managed by affiliates of Apollo Global Management, Inc., is entitled to receive a 3% royalty on the wind project and a 1.5% royalty on the solar project.
These sales represent the fourth and fifth project royalties to be created under Great Bay’s royalty-based funding support agreement with TGE. The five royalties in aggregate represent approximately 1,520 MW of new renewable energy projects.
Frank Getman, CEO of Great Bay, commented, “Tri Global continues to excel at bringing new renewable energy projects to market to help accelerate our transition to a clean energy future. We are delighted to be able to support Tri Global in accomplishing this important work.”
The announcement issued by TGE today is as follows:
prnewswire/TGE-announces-sale-of-580-mw-of-Indiana-wind-&-solar-projects-to-Leeward-Renewable-Energy
Tri Global Energy Announces Sale of 580 MW of Indiana Wind and Solar Projects to Leeward Renewable Energy
DALLAS, April 26, 2021 /PRNewswire/ — Tri Global Energy, a leading originator and developer of utility-scale renewable energy projects, has entered into an agreement to sell two renewable energy projects – the 180 megawatt (MW) Hoosier Line Wind project and the 400 MW Honey Creek Solar project – to Leeward Renewable Energy, a growth-oriented renewable energy company that owns and operates a portfolio of approximately 2,000 MW of generating capacity.
The wind and solar power projects, located in White County in northwestern Indiana and targeted to be operational as early as 2023, represent the first deal between the two Dallas-based companies and the first renewable project sales for Tri Global Energy (TGE) in Indiana. TGE has regional offices in Reynolds and Harford City, Indiana and also has other renewable projects under development in the state.
“Hoosier Line Wind and Honey Creek Solar represent a significant milestone for TGE, our first expansion to Indiana,” said John Billingsley, Chairman and CEO of Tri Global Energy. “We couldn’t be more excited to begin a new relationship with Leeward, whose leadership shares our commitment to develop and expand clean energy and to invest in the advancement of local communities.”
Since the origination of these projects in 2019, Tri Global Energy has been the project developer. The company will continue as a co-development partner under the sale arrangement with Leeward Renewable Energy.
“We are pleased to reach agreement with Tri Global Energy to acquire these well-planned development assets, and to partner with Tri Global on their continued development,” said Jason Allen, CEO of Leeward Renewable Energy. “The projects accelerate our efforts in the Indiana market and are highly complementary to our aggressive growth strategy across the U.S.,” added Allen.
With 50 landowners involved in the projects, both Hoosier Line Wind and the Honey Creek Solar have gained strong support in White County. PJM utility interconnection and environmental studies are currently underway.
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 completing and funding these projects’ development through the start of construction.
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 and storage 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’s headquarters is 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.
About Leeward Renewable Energy, LLC
Leeward Renewable Energy is a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets (as at December 31, 2020). For more information, visit www.leewardenergy.com.
About Great Bay Renewables
Great Bay Renewables, based in Portsmouth, New Hampshire, 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. (TSX: ARR) and funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO). Learn more about Great Bay at www.greatbayrenewables.com or follow us on LinkedIn.
For further information, please contact:
Frank Getman, CEO, Great Bay Renewables
fgetman@greatbayrenewables.com | 603.661.5052