Great Bay Renewables, a subsidiary of Altius Renewable Royalties and funds managed by Apollo Global Management, has announced a royalty investment of up to USD 30 million in Nokomis Energy LLC, a prominent developer in distributed solar generation.
This investment grants Great Bay future royalties from Nokomis's portfolio, which includes 77 solar photovoltaic projects spanning seven states in the US, with potential royalties from additional future projects.
According to Altius, the investment will be deployed in tranches over the next two to three years, contingent upon project milestones, with an initial tranche of USD 6 million.
CEO Frank Getman highlighted the significance of this move, stating that it marks Great Bay's inaugural dedicated investment into the distributed solar market, describing it as “an exciting diversification opportunity.”
Nokomis Energy, based in Minneapolis, Minnesota, has successfully commercialized over 45 projects to date. This investment follows Great Bay's recent USD 30 million royalty investment in a 195-MW solar project in Texas, developed by Apex Clean Energy earlier this year.
