Apollo Global Management has formed a joint venture with Altius Minerals Corporation’s subsidiary Altius Renewable Royalties to focus investments in renewable energy developments in North America.
Apollo Funds expects to invest up to $200 million (£155m) and will have the opportunity to buy up to a 50% stake in Great Bay Renewables, the US-based operating subsidiary of Altius to help accelerate its growth.
Great Bay provides financing to renewable energy developers and has invested more than $60 million (£46m) in developers such as Apex Clean Energy and Tri Global Energy, which together are developing more than 18GW of wind and solar projects.
Apollo joins the teams at Great Bay and Altius in seeing significant opportunities to invest in wind, solar and energy storage projects in the US and Canada over the next decade.
Geoffrey Strong, Senior Partner and Co-Head of Infrastructure and Natural Resources at Apollo said: “Demand for renewable energy and storage continues to increase with the ongoing energy transition and the Great Bay team has established itself as an ideal partner to help companies finance these critical endeavours.
“Our longstanding track record in renewable energy within our infrastructure business along with our familiarity and expertise in royalties gives us great confidence in establishing this new joint venture with Great Bay and Altius.”