- Great Bay Renewables invests USD-32.5 million in Bluestar Energy Capital.
- Great Bay is a joint venture between Altius Renewable Royalties Corp
Great Bay Renewables LLC has committed to investing USD-32.5 million (EUR 30.2 million) in Bluestar Energy Capital LLC, developing a newly formed renewable platform.
Great Bay is a joint venture between Altius Renewable Royalties Corp, a Canadian investor controlled by Altius Minerals Corporation, and funds managed by Apollo Global Management Inc affiliates.
Bluestar’s North American renewables development subsidiary, Nova Clean Energy LLC, will receive a “substantial majority” of Great Bay’s investment. Great Bay will get royalties on 1.5GW of Nova’s renewable energy projects and minority ownership in the Bluestar subsidiary. In addition, Great Bay will purchase a minority stake in Bluestar alongside an unnamed institutional investor. Declan Flanagan, the former CEO of the onshore S’s division and its US wind arm Lincoln Clean Energy, owns a majority stake in the latter.