Our Royalties

Royalties

Project Sponsor
Project Size
Status
Royalty
Expected COD
Gravity Renewables
5MW
Operational
10.0%
Operational
WEC Energy/ Invenergy
195MW
Construction
2.5%
Q4 2021
Silverpeak
360MW
Late-Stage Development
3.0%
Q2 2022
Copenhagen Infrastructure Partners
400MW
Mid-stage Development
3.0%
Q4 2022
Silverpeak
180MW
Mid-stage Development
1.5%
Q1 2022
Undisclosed
400MW
Mid-stage Development
1.5%
Q1 2023
Gravity Renewables
175MW
Mid-stage Development
1.5%
-
Leeward
180MW
Mid-stage Development
3.0%
Q1 2023
Leeward
200MW
Mid-stage Development
3.0%
2023
Leeward
150MW
Mid-stage Development
1.5%
2023

Honey Creek
Indiana
250 MW
Operational
Variable2
Variable2
Completed
Completed
Operational
Longroad Energy
Owner
Status
Originator
Estimated COD1
Project Size
Royalty
Solar
Completed
Energy Type
Location
Texas
Texas
150 MW
Completed
Operational
50 MW
Variable2
Variable2
Northleaf Capital
Northleaf Capital
Wind
Northleaf Capital
Longroad Energy
Wind
Northleaf Capital
Texas
Operational
15 MW
Completed
2.5% of Revenue
10% of Revenue
Northleaf Capital
Operational
Construction
195 MW
Gravity Renewables
Completed
Operational
5 MW
Wind
WEC Energy/Invenergy
Hydro
Solar
Northleaf Capital
Great Bay
APEX
Q1 2023
1.5% of Revenue
175 MW
1.5% of Revenue equiv.4
Q4 2022
TBA
Q2 2023
Development
Construction
2.5% of Revenue
180 MW
500 MW
300 MW
TBA
NextEra Energy
Wind
Solar
Apex
2.5% of Revenue
Construction
TBA
JERA Renewables
Wind
Wind
TGE
TGE
Texas
Texas
Kansas
Vermont
Clyde River
Jayhawk
Appaloosa Run
Texas
Apex
Texas
Texas
TBA
El Sauz
Flatland Solar
Phantom3
Cotton Plains3
Old Settler3
TGE
Prospero 2
Project
Solar
Leeward
400 MW5
Development
1.5% of Revenue
2024
Panther Grove Wind 1
Illinois
TGE
Wind
Copenhagen Infrastructure Partners
400 MW
Development
3% of Revenue
2024
Blackford Wind
Indiana
TGE
Solar
Leeward
150 MW
Development
1.5% of Revenue
Q4 2023
Blackford Solar
Indiana
TGE
Solar
Leeward
150 MW
Development
1.5% of Revenue
Q4 2023
Hoosier Line Wind6
Indiana
TGE
Wind
Leeward
180 MW
Development
3% of Revenue
2024
Canyon Wind
Texas
TGE
Wind
TBA
360 MW5
Development
2-3% of Revenue7
Q4 2023
Cone/Crosby III
Texas
TGE
Wind
Enbridge8
300 MW
Development
3% of Revenue
2024-20289
Vermillion Grove Wind
Illinois
TGE
Wind
Enbridge8
255 MW
Development
3% of Revenue
2024-20289
Wyoming 1
Wyoming
TGE
Wind
Enbridge8
250 MW
Development
3% of Revenue
2024-20289
Easter
Texas
TGE
Wind
Enbridge8
150 MW
Development
3% of Revenue
2024-20289
Sugar Loaf Wind
Nebraska
TGE
Wind
Enbridge8
100 MW
Development
3% of Revenue
2024-20289
Water Valley Wind
Texas
TGE
Wind
Enbridge8
150 MW
Development
3% of Revenue
2024-20289
Shannon Wind
Illinois
TGE
Wind
Enbridge8
150 MW
Development
3% of Revenue
2024-20289
Cadillac Solar - El Dorado
Texas
TGE
Solar
Enbridge8
400 MW
Development
1.5% of Revenue
2024-20289
Cadillac Solar - Deville
Texas
TGE
Solar
Enbridge8
350 MW
Development
1.5% of Revenue
2024-20289
Lawrence Solar
Pennsylvania
TGE
Solar
Enbridge8
175 MW
Development
1.5% of Revenue
2024-20289
Gloucester Solar
Virginia
TGE
Solar
Enbridge8
150 MW
Development
1.5% of Revenue
2024-20289
Vermillion Solar
Illinois
TGE
Solar
Enbridge8
150 MW
Development
1.5% of Revenue
2024-20289
3 Early Stage TGE Projects
Western U.S.
TGE
Solar
Enbridge8
1,011 MW
Development
1.5% of Revenue
2024-20289
FOOTNOTES
Note: Sum of wind and solar early-stage development projects related to Enbridge acquisition is 15 compared to 17 referenced in the Material Change Report filed Oct 5 2022 (see SEDAR) because of two multi-phase projects.
1. Commercial Operations Date (COD) estimated from public information, project originators and project owners. Dates are subject to change.
2. Royalties with variable rates adjust under certain conditions, guaranteeing a minimum return threshold under certain timelines, after which a lower royalty percentage is applied.
3. While Old Settler Wind Project, Cotton Plains Wind Project, and Phantom Solar Project are three separate projects, GBR’s investment was under one agreement, which includes the three projects as a single portfolio.
4. Flatland fixed payments equivalent to 1.5%; see ARR press release 29/06/2022.
5. Facility size may be completed in phases.
6. Project may be converted to solar.
7. Canyon sliding scale royalty between 2-3%, see ARR press release 29/06/2022.
8. Developer TGE was acquired by Enbridge, see press release on 29/09/2022.
9. Expected COD based on Enbridge press release on 29/09/2022.  

Our Partners

Tri Global Energy

Through GBR, ARR first invested in Tri Global Energy (“TGE”), the premier Texas-based renewable energy developer, in February 2019. GBR's current $46.5 million royalty investment is structured in a way that as TGE sells projects from their large portfolio of development projects, a gross-revenue royalty agreement is distributed to GBR on the specific wind and solar projects as they are developed and sold. Additional royalty agreements will continue to be created at the time projects are sold or begin construction until a certain return threshold is achieved. Wind and solar projects with royalties payable to GBR will continue to generate cashflow for the life of these projects.

In October 2022, TGE was acquired by Enbridge Inc. Following the acquisition, GBR will continue to receive royalty contracts from projects in TGE’s current development pipeline until it hits its threshold return on its investment in TGE, with no further funding by GBR. After GBR receives enough royalty contracts for it to achieve its threshold return, it will have the option to acquire royalty agreements on remaining projects that are developed from TGE’s currently existing portfolio using an agreed-upon methodology that utilizes a similar return profile as for project royalties created prior to the threshold return being achieved.

To date, GBR holds royalty interests in 23 TGE-developed renewable projects ranging from 100 MW to 400 MW of capacity across the United States. Estimated COD dates are between Q4 2022 and 2028.

Northhleaf Capital Partners

In Q3 2021, GBR closed a US$52.5 million royalty investment with Northleaf Capital Partners on three operating wind and solar projects, all in Texas. The portfolio includes the 151 MW Old Settler wind project, the 50 MW Cotton Plains wind project and the 15 MW Phantom Solar project, with the Old Settler output being sold into the ERCOT market, and the others being sold under fixed-price contracts with the US Department of Defense through 2045.

Longroad Energy

In Q3 2021, GBR closed a US$35M royalty investment with Longroad Energy on the 250MWac operating solar project in Texas, Prospero 2.GBR expects to earn a return of 8-12% on its investment, with royalty revenue starting at a lower level from 2022 – 2027 and then increasing materially.  .

Bluestar Energy Corporation

In Q2 2022, GBR closed a US$32.5M investment into anew global renewables development platform, Bluestar Energy Capital LLC founded by Declan Flanagan, former CEO of Orsted Onshore and Lincoln Clean Energy.   .

Hodson Energy

In Q3 2022, GBR closed a US$40 million investment into Hodson Energy’s 1.8 MWac solar and battery storage portfolio which is concentrated in the mid-Atlantic region.  .