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Be the first with the news that moves the market- Altius Minerals Corporation (TSX:ALS) has received its third renewable energy royalty though its ongoing partnership with Tri Global Energy
- Tri Gold has sold the 180 megawatt Flatland Solar project to Silverpeak, an alternative real estate investment firm
- Altius Minerals is funding the development of the site in exchange for a three per cent royalty
- The company has committed C$41 million over the next three years to fund Tri Global’s renewable energy projects
- Altius Minerals (TSX:ALS) was up 1.07 per cent, with shares trading for $8.47 and a market cap of $356.2 million
Altius Minerals Corporation (TSX:ALS) has received a third renewable energy royalty though its ongoing partnership with Tri Global Energy.
Tri Global and Altius entered into the partnership in February last year.
Altius will invest $41 million into Tri Global over the next three years, in exchange for three per cent of royalties henceforth.
Altius today received its third royalty transaction through Tri Global. The royalty concerns a 180 megawatt Flatland Solar project, which Tri Gold sold to alternative real estate investment firm Silverpeak.
After the transaction, Tri Global will stay on and continue developing the site, with funding provided through its agreement with Altius.
The announcement did not include the site’s purchase price and Altius’ resultant portion.
Tri Global Energy is a US-based renewable energy provider that specialises in wind power. Tri Global’s current portfolio generates 1,500 megawatts of power annually.
Altius President and CEO Brian Dalton said that diversifying into renewables was the right move for the company.
“Altius has now taken the creation of a royalty business based around long-life renewable energy projects from concept to reality.
“This is an important step in executing our strategy to ultimately replace our Alberta electrical coal royalties, which are being phased out by 2030 as a result of government policy changes,” he said.
Since announcing the agreement, Altius has received two other royalties transactions through Tri Global, both related to wind power.
Altius Minerals Corporation (TSX:ALS) was up 1.07 per cent, with shares trading for C$8.47 at 3.35pm EST.
