ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”), is pleased to announce the creation of a first royalty to its jointly controlled entity, Great Bay Renewables, LLC (“Great Bay”), under its portfolio-based royalty financing with Apex Clean Energy (“Apex”). Great Bay is entitled to receive a 2.5% royalty on the 190 MW Jayhawk Wind project in Crawford and Bourbon Counties, Kansas.
The announcement made by Apex today is as follows:
Apex Sells Jayhawk Wind, with Facebook PPA, to WEC Energy Group and Invenergy
PPA for full capacity represents Facebook’s fourth power purchase from Apex
Charlottesville, VA – March 1, 2021 – Apex Clean Energy today announced that WEC Energy Group (NYSE: WEC) and Invenergy purchased the Jayhawk Wind project, including a renewable power purchase agreement with Facebook. The more than 190 MW project, located in Crawford and Bourbon Counties, Kansas, will help support the tech company’s operations in the region.
“Establishing and growing strong relationships with the nation’s pre-eminent clean energy investors and power purchasers is fundamental to Apex’s core mission and to our ability to bring best-in-class renewable energy assets like Jayhawk Wind to life,” said Mark Goodwin, Apex Clean Energy president and CEO. “Because of these agreements with Facebook—a valued Apex customer—and new partners WEC Energy Group and Invenergy, Jayhawk Wind will advance the new energy economy in Kansas and generate significant long-term economic benefits for the local community.”
The deal marks Apex’s fourth renewable transaction with Facebook, following a 61.6 MW PPA with Altavista Solar; a 200 MW PPA with Aviator Wind East, part of the largest single-phase, single-site wind project in the United States; and, most recently, a 175 MW PPA with Lincoln Land Wind in Illinois.
“We are excited to help bring this new wind project—our first in Kansas—to the grid in support of our operations in the region,” said Urvi Parekh, head of renewable energy at Facebook. “At Facebook, we are committed to supporting our global operations with 100% renewable energy and helping accelerate the transition to renewable energy around the world.”
Jayhawk Wind will help Facebook meet its goal to support its operations in the region with 100% renewable energy and reach net-zero carbon emissions. The tech company stepped in as the project’s offtaker after a previous power purchase agreement was mutually dissolved.
The purchase of the Jayhawk Wind project is part of WEC Energy Group’s $16 billion ESG Progress Plan—the largest five-year capital plan in the company’s history.
“Our commitment to the Jayhawk project is the next step forward in our comprehensive plan to build a bright, sustainable future, serve strong vibrant customers, and continue to grow earnings from our portfolio of renewable energy assets,” said Gale Klappa, WEC Energy Group executive chairman.
The Jayhawk facility, which breaks ground this week and is expected to be operational later this year, will consist of 70 GE wind turbines totaling an installed capacity of more than 190 MW. The project will provide significant economic benefits for the local and state economies—including the creation of more than 115 construction jobs and 7 long-term operations positions—and will generate over $20 million in landowner payments and $27.2 million in tax revenue.
About Apex Clean Energy
Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit www.apexcleanenergy.com
About WEC Energy
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota. The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.
WEC Energy Group is a Fortune 500 company and a component of the S&P 500. The company has approximately 42,000 stockholders of record, 7,300 employees and $37 billion of assets.
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
Forward Looking Statements
This press release contains forward-looking statements that are introduced with language such as “we believe”, or which refer to opinions and expectations of management. By their nature, these statements involve risks and uncertainties, many of which are beyond the Corporation’s control, which could cause actual results to differ materially from those expressed in such forward-looking statements. Readers are cautioned not to place undue reliance on these statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by securities laws.
The Company does not take responsibility for the accuracy, currency or completeness of the information incorporated herein from the Apex press release and is providing such information for information purposes only. The Company has not independently verified the statements made therein, including any forward-looking statements.