Altius Minerals buys 50% stake in Great Bay Renewables for US$168 million
Altius Minerals Corporation has agreed to acquire a 50% effective interest in Great Bay Renewables (GBR) for US$168 million, increasing its stake from 29%. The transaction involves a tripartite agreement with Northampton Capital Partners and certain funds managed by affiliates of Apollo. Under the deal, Northampton will acquire Apollo Funds' membership interests in GBR for approximately US$390 million, while Altius will concurrently purchase Northampton's interest in Altius Renewable Royalties Corp. (ARR).
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Altius Minerals Corporation has agreed to acquire a 50% effective interest in Great Bay Renewables (GBR) for US$168 million, increasing its stake from 29%. The transaction involves a tripartite agreement with Northampton Capital Partners and certain funds managed by affiliates of Apollo. Under the deal, Northampton will acquire Apollo Funds' membership interests in GBR for approximately US$390 million, while Altius will concurrently purchase Northampton's interest in Altius Renewable Royalties Corp. (ARR), the entity through which Northampton holds its indirect interest in GBR.
The restructuring will result in Altius and Northampton each holding a 50% effective interest in GBR. Prior to the closing, GBR is held equally by Apollo Funds and ARR, with ARR owned by Altius (57%) and Northampton (43%). Altius will fund the US$168 million purchase consideration through existing liquidity, including partial utilization of existing credit facilities that are being adjusted to reflect the recent acquisition of Lithium Royalty Corp.
Brian Dalton, CEO of Altius, stated that the company is excited to increase its participation in GBR, a business it helped conceptualize eight years ago. He noted that GBR will continue to be led by Frank Getman and his team, who have established the business as a leading provider of royalty capital in the US electricity generation sector. Dalton highlighted that GBR has almost 9 GW of generation under royalty and is focused on adding scale and diversity to its portfolio.
Dalton also expressed gratitude to Apollo for its early belief in GBR and its collaborative role in the business's development. The transaction is subject to customary terms and conditions and is expected to close in late July.
Transaction Structure
The deal involves two concurrent transactions:
- Northampton acquires Apollo Funds' direct 50% interest in GBR for approximately US$390 million.
- Altius acquires Northampton's minority interest in ARR for US$168 million.
Financial Details
| Metric | Value |
|---|---|
| Altius purchase consideration | US$168 million |
| Northampton purchase consideration | US$390 million |
| Altius effective interest in GBR (post-deal) | 50% |
| Northampton effective interest in GBR (post-deal) | 50% |
| GBR generation under royalty | 9 GW |
How will the increased debt load from the adjusted credit facilities impact Altius's financial flexibility for future acquisitions?
What specific strategies will GBR pursue to scale its portfolio beyond the current 9 GW of generation under royalty?
Could this restructuring signal a potential full exit for Northampton Capital Partners from Altius Renewable Royalties Corp. in the future?
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