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We are working to accelerate the transition to a more sustainable future

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Operating Royalties

Royalty Spotlight

Scotian Wind

Scotian Wind

About the Project

Scotian WindFields Inc. ("SWFI") is a renewable energy company based in Halifax that owns a minority interest in a portfolio of 12 wind energy projects located across Nova Scotia.
In February 2020, RE Royalties acquired a portfolio of 12 gross revenue royalties on 12 operational wind energy generation projects in Nova Scotia, Canada from Scotian Windfields for $1.34 million. We also provided an interest-bearing senior secured loan to Scotian Windfields of $3.3 million dollars with a term of 3 years. 

 

The Nova Scotia Wind Projects were developed from 2013 to 2017 and have been operating for between 3 and 6 years. The Nova Scotia Wind Projects have a generating capacity of 39.7 megawatts and have 20-year power purchase agreements with fixed electricity purchase prices from Nova Scotia Power Incorporated (“NSPI”). The Nova Scotia Wind Projects generate approximately 130,000 megawatt hours of clean energy per year, capable of removing over 105,000 tonnes of CO2 equivalent (1) from the electricity grid.
 

Each project has a 20-year Power Purchase Agreement ("PPA") from Nova Scotia Power Incorporated ("NSPI"). To fund their portion of commitments during the development and construction of the portfolio, SWFI borrowed capital from their majority partner in the form of a loan.

Impact

The company harnesses the natural power of wind to supply clean electricity to local communities, reduce carbon emissions, and combat climate change.

 

They are working to accelerate Nova Scotia's transition to net zero carbon by building wind power projects that provide long-term dividends to the communities they operate in, producing electricity without emitting harmful greenhouse gasses or polluting the air and water.

 

They work closely with indigenous groups, farmers, and other community members to ensure their voices are heard and their needs are met.

 

Their wind portfolio currently provides green power for 14,600 homes. They also donate 1% of gross revenue from their local wind projects to non-profit organizations.

 

Their wind turbines are strategically placed in rural areas, minimizing their impact on wildlife, and preserving the natural beauty of Nova Scotia. They also have strict environmental standards in place to ensure minimal disruption to the land and water during construction and operation.

 

By offsetting 32,170 tonnes of CO2 annually, they play a significant role in reducing the province's carbon footprint.

 

They support local businesses by sourcing materials and services from within the community whenever possible. This not only strengthens the local economy but reduces their carbon footprint by minimizing transportation emissions.

Key Facts

  • Capacity: 40 MW

  • Location: Nova Scotia

  • Operational: 2014

  • Est. Annual Generation: 144.3 GWh

  • Total Projects: 12

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Joe Fitzharris, President of Scotian Windfields Inc. commented, “We are pleased to have RE Royalties help us secure our ownership in these important community projects. Our local shareholders will now have a better opportunity to realize return on their invested capital and securing our long-term financial stability will allow us to continue exploring ways to support community development while reducing carbon intensity”.

Testimonial

Switch Power

About the Project

An independent Power Producer in Alberta, Canada, Switch Power is focused on developing and operating renewable energy projects, such as wind, solar, hydro, and battery storage, in North America.

 

Switch Power was looking for acquisition capital to purchase a portfolio of operational energy storage projects located in Ontario. They wanted to fund the acquisition with non-dilutive capital that would keep their financing options open as they grow their Ontario energy storage portfolio.

RE Royalties provided Switch Power with a series of loans, under a compressed timeline to ensure they could meet the transaction closing timeline set during the initial negotiations with the original owner of the projects.

  • In September 2021, RE Royalties provided a $2.3 million loan to finance the acquisition of a portfolio of four operational energy storage projects (1.97 MW/4.38 MWh total) located in Ontario.

  • In October 2021, RE Royalties entered into a second loan agreement for $786,750 to finance the purchase of a portfolio of ten battery energy storage development projects located in Ontario.

  • In November 2021, RE Royalties entered into an equipment procurement loan agreement for $4.3 Million.

  • In September 2022, RE Royalties entered into a loan agreement for $1.3 Million to finance the acquisition of an operational 428 kWDC rooftop solar generation project located in Vaughan, Ontario.
     

RE Royalties’ financing was flexible enough to keep future financing options open, while still being accretive to Switch’s existing shareholders. We were able to get through due diligence in record time, ensuring the acquisition closed successfully and on schedule.

Impact

Switch Power are working to accelerate the transition to a low-carbon economy by providing clean and sustainable energy solutions. They carefully consider the environmental, social, and economic impacts of each potential project before moving forward with development. This ensures that Switch Power's projects not only generate clean energy, but also benefit the local community and economy.

 

Other commercial and industrial sectors such as agriculture, manufacturing, and retail are potential markets for Switch Power's renewable energy solutions. The company is continuously evaluating new opportunities to bring clean energy to these markets and reduce their carbon footprint.

 

Switch Power is looking to bring renewable energy solutions to urban areas, with a focus on working closely with government agencies and utilities to integrate clean energy into existing infrastructure. This includes partnering with cities and towns to develop community solar projects and working with utilities to provide clean energy options for their customers.

 

With 18MW of capacity either operating or under construction and 1GW in development, Switch Power is committed to playing a significant role in the transition to a low-carbon economy. The company's goal is not only to provide clean energy solutions, but to inspire others to join the movement towards a cleaner future.

 

Switch Power's projects not only bring tangible benefits such as job creation and economic growth but contribute to reducing greenhouse gas emissions and mitigating the effects of climate change. Through collaboration and innovation, Switch Power is making a positive impact on the environment and helping to build a more sustainable future for generations to come.

Switch Power

Key Facts

  • Capacity: 2MW

  • Location: Ontario

  • Operational: 2018-2021

  • Estimated Annual Generation: 88 GWh

  • Total Projects: 4

“We are excited to have the continued support of RE Royalties as we grow our portfolio of sustainable electricity assets,” said Trevor White, Switch President, and CEO. “Their capital continues to be flexible, timely, and scalable allowing us to execute our growth strategy, and we look forward to continuing this collaboration on future projects.

Testimonial

Royalties in Construction or Development

Royalty Spotlight

Teichos Energy

Teichos Energy

About the Project

With a focus on utilizing renewable power to its full potential, Teichos Energy develops, constructs, owns, and operates a wide range of utility-scale energy projects across the United States.

 

Jackson Center is owned by Teichos Energy, a renewable energy development company headquartered in Seattle, Washington and is an advanced stage solar project.

 

In October 2021, RE Royalties acquired a sliding scale gross revenue royalty on the 27 MWDC (20 MWAC) Jackson Center Solar Project Phase 1 located in Mercer County, Pennsylvania.

 

In February 2023, RE Royalties acquired a gross revenue royalty on the second phase of the 27 MWDC (20 MWAC) Jackson Center Solar Project Phase 2. Once operational, Jackson Center will generate an estimated 42,800 MWh per year of clean energy.

Impact

With eight utility-scale solar, wind, and geothermal projects currently in operation, Teichos Energy has a proven track record of successful project construction and ownership.

 

We are pleased to see the progress made to date and RE Royalties non-dilutive royalty financing solution provides Teichos with the flexibility to continue advancing the projects, and to bring it one step closer to commercial operation.

 

The company utilizes advanced technology and efficient construction methods to ensure the completion of projects, while also minimizing costs.

 

With over 700 MW of renewable energy generation capacity, Teichos Energy can provide power to a wide range of customers, such as corporations, public and private institutions, and government agencies.

 

Teichos Energy's team also includes geothermal experts with years of experience in developing successful projects. The company actively seeks out new technologies and techniques that can improve project efficiency, reduce costs, and minimize environmental impact.

 

The company is working actively with landowners, local communities, and other stakeholders to ensure that its projects not only bring clean energy, but also provide economic benefits and support for the surrounding areas.

 

Providing land lease payments for the use of land and hiring local labor during project construction are just some examples of Teichos Energy's commitment to developing energy projects that strengthen the communities in which they operate.

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Steve Voorhees, the CEO of Teichos stated, “Teichos is impressed with RE Royalties capabilities, staff, work ethic and approach to business. Their stellar responsiveness to our needs on this Project is refreshing and we look forward to doing business with them going forward.”

Testimonial

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