Portsmouth, NH – Great Bay Renewables (“Great Bay”) today announced it has closed a $52.5 million royalty investment with Northleaf Capital Partners (“Northleaf”) related to three operating-stage wind and solar renewable energy projects located in Texas.
The portfolio into which Great Bay made a royalty investment includes: (1) the 151 MW Old Settler wind project, (2) the 50 MW Cotton Plains wind project, and (3) the 15 MW Phantom Solar project (collectively, the “Projects”). The output from Cotton Plains and Phantom Solar is sold at a fixed price under long term contracts with the US Department of Defense through January 2045, while the output from the Old Settler project will be sold into the ERCOT market.
The royalty funding will be used to repay the existing debt financing and provide additional working capital.
