Portsmouth, NH – Great Bay Renewables (“Great Bay”) today announced it has entered into a transaction with U.S. renewable energy developer, Hodson Energy, LLC (“Hodson”), to gain future royalties related to Hodson’s portfolio of solar plus battery storage development projects.
New York-based Hodson is committing its entire portfolio of solar plus storage projects located primarily in the Mid-Atlantic region of the U.S. and any additional projects added in the future to this new royalty investment structure with Great Bay. Great Bay will receive a royalty on all projects developed and vended by Hodson until a minimum total return threshold is achieved.
The $40 million royalty investment into Hodson will be invested in tranches over approximately the next three years as Hodson achieves certain project advancement milestones, with an initial investment upon closing of $14 million. Approximately $9.8 million of the initial investment will be used to retire an existing development loan facility and acquire new projects, resulting in a 1.8 GWac total portfolio post-Great Bay investment.
