Portsmouth, NH (June 2, 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, the 200 MW Blackford Wind project and the 150 MW Blackford Solar project – both in Blackford County, Indiana – to Leeward Renewable Energy, a portfolio company of Canadian pension fund subsidiary OMERS Infrastructure.
Two revenue royalties on these projects have been created in favor of Great Bay, which is jointly controlled by Altius Renewable Royalties Corp. (TSX: ARR) and certain funds managed by affiliates of Apollo Global Management, Inc.
These sales represent the seventh and eighth project royalties to be created under Great Bay’s royalty-based funding support agreement with TGE. These eight projects in aggregate represent approximately 2 GW of new renewable energy capacity.
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:
Tri Global Energy And Leeward Renewable Energy Finalize Deal For Indiana Renewable Energy Projects
DALLAS, June 2, 2021 /PRNewswire/ — Tri Global Energy, a leading originator and developer of utility-scale renewable energy projects, has announced an agreement to sell two renewable energy projects – a wind and a solar project — in Blackford County, Indiana to Leeward Renewable Energy, a premier owner/operator with a portfolio of approximately 2,000 MW of generating capacity from renewable sources.
Tri Global Energy’s Chairman and CEO, John Billingsley, notes that the two projects have the potential to materially add to the renewable energy infrastructure in the region. “Tri Global Energy continues to drive the energy transition with renewable projects like these in Blackford County. We look forward to working cooperatively with representatives of the county, our participating landowners and our partners to make this significant investment in the community.”
Both projects were originated by Tri Global Energy (TGE) in 2019. Blackford Wind will be capable of delivering up to 200 MW and Blackford Solar will be capable of up to 150 MW. The projects combined are expected to produce enough energy to power more than 80,000 homes.
TGE and Leeward Renewable Energy will work with the county, state, and federal authorities to secure the requisite permits and bring the two projects into construction, with operations projected to commence as early as 2023.
“Projects of this scope demand world-class expertise and resources, and that’s why we consider Leeward Renewable Energy an outstanding partner going forward,” Billingsley said.
This is the second deal between Tri Global Energy and Leeward Renewable Energy. The two companies announced a transaction involving two of Tri Global Energy’s original Indiana projects in White County (180 MW Hoosier Line Wind and 400 MW Honey Creek Solar) in April.
“The acquisition of these quality projects is a great complement to Leeward’s growing portfolio of high-quality wind and solar assets. Leeward is dedicated to responsible energy development, while also providing economic benefits and clean, affordable power to the local community,” said Andrew Flanagan, Chief Development Officer of Leeward. “Tri Global Energy is a great partner and we look forward to continuing our strong relationship in the future.”
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 this project 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 originates and develops 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 leading 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., with 17 gigawatts under development spanning over 100 projects. 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