Altius closes US$73 million royalty in Coles Wind project
Altius Minerals Corporation, through Great Bay Royalties, has closed an approximately US$73 million royalty investment in the 311 MW Coles Wind project in Illinois, developed by Apex Clean Energy. The investment, funded by GBR cash and contributions from Altius Renewable Royalties Corporation and Apollo, is GBR's largest single asset royalty acquisition to date.
*this image is generated using AI for illustrative purposes only.
Altius Minerals Corporation announced that Great Bay Royalties has closed an approximately US$73 million royalty investment with Apex Clean Energy for the 311 MW Coles Wind project in Illinois. Construction of the project began in January 2026 with an expected Commercial Operations Date in H2 2027. The investment represents Great Bay Royalties' largest single asset royalty acquisition to date, diversifying its portfolio of 14 operating royalties.
Brian Dalton, CEO of Altius, highlighted the strong 20-year Power Purchase Agreement (PPA) anchoring the project, noting it reflects the unprecedented demand for new, near-term deployable electricity sources. The royalty structure features higher rates during the initial 10 years to meet base return objectives, stepping down to a lower perpetual gross revenue rate to minimize disincentives for future life extension or production enhancements.
The investment was funded through a combination of GBR cash on hand and new capital contributions from Altius Renewable Royalties Corporation and Apollo. Altius provided approximately US$12.4 million (C$17 million) to ARR to support its share of the GBR capital call contribution. GBR is owned by a joint venture between ARR and funds managed by Apollo Global Management, with an effective 29% interest attributable to Altius.
Key Investment Details
| Detail | Information |
|---|---|
| Project | Coles Wind |
| Location | Illinois |
| Capacity | 311 MW |
| Investment Amount | ~US$73 million |
| Developer | Apex Clean Energy |
| Construction Start | January 2026 |
| Expected COD | H2 2027 |
| PPA Term | 20 years |
Will the success of the Coles Wind project prompt Great Bay Royalties to pursue similar large-scale royalty acquisitions in the near future?
How might the stepped royalty structure influence the long-term operational decisions of Apex Clean Energy after the initial 10-year period?
What impact will this investment have on Altius' and ARR's capital allocation strategies for upcoming renewable energy projects?
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