Affiliates of Apollo Global Management have formed a joint venture with a subsidiary of Altius Renewable Royalties to acquire a stake in Great Bay Renewables, the U.S.-based operating subsidiary of Altius.
Apollo funds expect to invest up to $200 million and will have the opportunity to acquire up to a 50 percent stake in Great Bay. Great Bay will use the proceeds to invest in prominent renewable energy development platforms in North America.
Great Bay provides strategic capital to renewable energy developers via a flexible, proprietary royalty structure that can be applied to all stages of a renewable project’s life cycle and help accelerate the development process in a non-dilutive structure, according to a statement from Apollo.
Apollo’s infrastructure business, which is currently investing out of its second dedicated infrastructure fund, focuses primarily on opportunities in power and renewables, communications, midstream energy, and transportation.
