Portsmouth, NH (July 24, 2024) – Great Bay Renewables, LLC (“Great Bay”) announced today that it has entered into a follow-on transaction with its development partner, Nova Clean Energy, LLC (“Nova”). Great Bay will provide a $40 million bridge loan that is convertible into Nova’s next round of financing. As part of the transaction, Great Bay will also receive additional royalties on a portion of Nova’s projects.
Frank Getman, the CEO of Great Bay, commented, “Nova has made tremendous progress since its formation and our original investment a little over two years ago. It has built an extensive and impressive pipeline of wind, solar, and battery storage projects totaling approximately 6.5 GW. We are delighted to continue supporting Nova in its efforts to create the next great renewables platform and to participate in its continued success.”
Great Bay was advised on this transaction by an advisory team from CCA Capital, LLC, led by Martin Pasqualini and a legal team at Pierce Atwood LLP, led by Kris Eimicke.
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 $450 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 https://www.greatbayrenewables.com/ or follow us on LinkedIn.
About Nova Clean Energy
Nova Clean Energy is the U.S. development platform of Bluestar Energy Capital, a platform started by industry veterans that aspires to be one of the largest investors of project development capital globally. Through this approach, Nova can focus on early and sustained community engagement while leveraging the in-house expertise and experience of a global player. Nova is headquartered in Chicago, IL, with offices in Austin, TX. Learn more about Nova at https://www.novacleanenergyllc.com/ or follow us on LinkedIn.