Altius pays US$168M to reach equal ownership of renewables royalty firm
What's the deal? Altius MineralsDealroom has a profile for this one. Try Dealroom → (TSX: ALS) has signed a share purchase agreement to lift its effective interest in Great Bay RenewablesDealroom has a profile for this one. Try Dealroom → to 50% from 29%. The transaction is part of a three-way deal that leaves Altius and partner Northampton Capital PartnersDealroom has a profile for this one. Try Dealroom → as equal 50% owners.
How it works: Funds managed by affiliates of Apollo will sell their membership interests in Great Bay to Northampton for roughly US$390 million. Northampton will simultaneously sell its indirect interest — held through Altius Renewable RoyaltiesDealroom has a profile for this one. Try Dealroom → Corp. — to Altius. Altius will pay US$168 million for the remainder of Altius Renewable Royalties.
Where the money comes from: Altius will fund the purchase through existing liquidity and partial use of its credit facilities. Those facilities are being adjusted and expanded to reflect the balance sheet integration of its completed acquisition of Lithium Royalty Corp.
What changes: The deal unwinds the current structure, in which Great Bay is split evenly between the Apollo funds and Altius Renewable Royalties, itself owned 57% by Altius and 43% by Northampton. The transaction moves Apollo out entirely, leaving Altius and Northampton as equal partners.
Why now? Chief executive officer Brian Dalton said the company helped found Great Bay in 2018 and pointed to a period of US electricity demand growth stronger than any in more than a generation. "With almost 9 GW of generation under royalty GBR has reached an exciting inflection point in terms of its growth and royalty revenue trajectory," Dalton said.
What's the endgame? Great Bay will continue to be led by Frank Getman and his team. The move follows a roughly US$73 million royalty deal Great Bay closed in June 2026 with Apex Clean Energy, tied to the 311MW Coles Wind project in Illinois — its largest single-asset royalty acquisition to date. Altius contributed about US$12.4 million to that funding.
The signal: The transaction reflects growing investor appetite for renewable energy royalties as US power demand climbs. Altius, which last traded at $62.23 on the TSX, is deepening its bet on a structure that offers exposure to generation revenue without direct operating risk. The deal is expected to close in late July 2026, subject to customary conditions.
Read more: The Deep Dive
Image credit: Daquella manera
