Great Bay Renewables (“Great Bay”) has entered into a $6.1 million interconnection support facility to assist Red Stone Renewables (“Red Stone”) by funding the refundable portions of certain PJM interconnection deposits for two solar development projects totaling approximately 250 MWac that Red Stone has selected for advancement in the PJM interconnection queue. These projects are part of Red Stone’s approximately 850 MW development portfolio.
Frank Getman, CEO of Great Bay, commented, “This deal provides support to a growing renewables developer, enabling Red Stone to focus their available capital on critical development activities and the advancement of projects in their portfolio.” Getman added, “One of the added benefits of this deal is establishing and confirming the process for Great Bay to post interconnection deposits with PJM on behalf of third parties. This is an expansion of our capabilities for financing interconnection deposits in MISO. Interconnection deposits are increasingly onerous and are slowing the energy transition. Great Bay continues to provide innovative solutions to the market to address the industry’s most pressing challenges.” said Getman.
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. To date, Great Bay has committed more than $400 million in royalty financing into the renewable energy sector and has created royalty agreements on over 35 renewable energy projects totaling nearly 8.2 GW. 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) (OTCQX: ATRWF) and certain funds managed by affiliates of Apollo (NYSE: APO). Learn more about Great Bay at www.greatbayrenewables.com or follow us on LinkedIn.
About Red Stone Renewables
Founded in 2012, Red Stone is a privately-owned developer of utility scale renewables projects. With teams in Dallas, Oklahoma City, and Pittsburgh, Red Stone has a track record of assembling attractive positions and projects, often collaborating with private equity and corporate partners.
For further information, please contact
Zach Farrar at zfarrar@greatbayrenewables.com