All $ references in US unless otherwise indicated

Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR”, the “Company”, or the “Corporation”), expects to report Q1 2024 proportionate royalty revenue of $2.5 million (excluding interest income), which compares to $1.0 million of proportionate royalty revenue recorded in Q1 2023. 

Great Bay Renewables (50% owned with certain funds managed by affiliates of Apollo Global Management Inc.) recognized revenue from 11 operating royalties during the quarter, including from the Canyon Wind project, which recently commenced commercial operations.

ARR's proportionate royalty revenue includes $0.6 million from the previously noted escrow release related to the Titan Solar transmission upgrade. In addition, $0.7 million of revenue was recognized related to GBR’s share of proceeds from Hexagon project sales.  GBR is entitled to 10% of the project sales proceeds from any project sales to third parties by Hexagon. The minimum return threshold and the total expected renewable royalties to be granted under the Hexagon investment agreement are unaffected by this supplemental revenue sharing.

Frank Getman, CEO of GBR, commented, “We are excited to add Canyon Wind, which stems from our TGE development portfolio investment, to our growing portfolio of operating royalties. We currently have 895 MWs of projects with GBR royalties under construction which will contribute to our growing operating cash flow later this year and next. Market conditions remain attractive for future deployment into new royalty investments.”

Q1 2024 Financial Results Conference Call and Webcast Details

Financial results will be announced by press release May 2, 2024 after the close of trading.  A conference call and webcast will be held on May 3, 2024 at 9:30 am ET to provide a discussion of the business and outlook and to offer an open Q&A session for analysts and investors. Access details are as follows:

Date and time:                                  May 3, 2024, 9:30 am ET
Toll Free Dial-In Number:              (+1) 800 717 1738
International Dial-In Number:     (+1) 646 307 1865
Conference Call Title and ID:       Altius Renewable Royalties Q1 2024 Financial Results, ID  40775
Webcast Link:                             Q1 2024 Financial Results

Non‐GAAP financial measures

⁽¹⁾ Proportionate royalty revenue is a non‐GAAP financial measure. Management uses non-GAAP financial measures to monitor the financial performance of the Corporation and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A, which are available at https://www.arr.energy

About ARR 

ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 33 renewable energy royalties representing approximately 1.9 GW of renewable power on operating projects and an additional approximate 6.0 GW on projects in development phase, across several regional power pools in the U.S. The Corporation also expects future royalties from GBR's investments in Bluestar Energy Capital, Hodson Energy and Hexagon Energy, which are expected to increase the total development project pipeline to approximately 15.0 GW.   The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

Forward-looking information

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and ARR provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although ARR believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. ARR does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

For further information, please contact:

Flora Wood
Email: [email protected]
Tel: 1.877.576.2209
Direct: 1.416.346.9020

Ben Lewis
Email: [email protected]
Tel: 1.877.576.2209