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Altius Reports Royalty Investment in Coles Wind Project in Illinois

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Altius Minerals (ALS.TO) reported Monday the closing of Great Bay Royalties (GBR)'s US$73 million royalty investment with Apex Clean Energy over the 311-megawatt Coles Wind project in Illinois.

Construction of the project began in January and commercial operations are expected to begin in the second half of 2027.

The investment was funded through a balance of GBR's cash on hand and new capital contributions from Altius Renewable Royalties (ARR) and Apollo. Altius provided about US$12.4 million to ARR to support its share of the GBR capital call contribution.

"We are pleased to once again provide support to Apex and to mark GBR's second construction stage royalty in MISO, further diversifying its portfolio of 14 operating royalties," Altus Chief Executive Officer Brian Dalton said.

"We also note the strong 20-year [power purchase agreement] that anchors Coles Wind and is reflective of the unprecedented level of demand for new, near-term deployable sources of electricity that is characterizing the current market," Dalton added.

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