Every year on 15 June, people around the world share their passion for wind energy for Global Wind Day. It is a day to discover wind and the possibilities it holds to reshape our energy systems, de-carbonize our economies and boost jobs and growth. This year we celebrate wind power, by recognizing the accomplishments of the wind industry since its early beginnings and imagining its future.
RE Royalties is recognizing one of our first wind projects with Aeolis Wind Power Corporation "Aeolis," one of the original developers of the 102 MW Bear Mountain Wind Project, located in Northeast British Columbia.
Aeolis had other clean energy development opportunities and needed capital to pursue them. Unfortunately, the annual royalty payments were not enough to provide this funding.
RE Royalties provided Aoelis with an upfront payment of $1.24 million in return for a portion of their existing royalty for the remainder of the power purchase agreement. By monetizing a portion of Aeolis' royalty, it allowed them to pursue further development opportunities while retaining a larger ownership position.
Aoelis ultimately sold their equity in the project to AltaGas, who then built the project. However, as part of the sale, Aeolis received a gross revenue royalty on the project.
Wind energy has expanded considerably in the last decades, becoming a mainstream source of clean, cost-competitive energy around the world.
According to the Global Wind Energy Council, there is now more than 651 GW of wind power capacity installed globally, an increase of 10 per cent. In 2019-20, 60.4 GW of wind energy capacity was installed in the world, making it the second-best year for wind historically.
In 2020-21, the COVID-19 pandemic has created an unprecedented economic and social challenge for the world. The pace of global recovery will depend on the actions that we all take over the coming months. Wind energy will help deliver the jobs, the clean and affordable power and the energy security needed for a green recovery, which allows governments to renew critical infrastructure for a sustainable future.
RE Royalties' royalty financing solutions are designed to provide renewable energy operators and developers with the financial flexibility to grow without resorting to dilution, asset sales or restrictive debt covenants.
The wind industry has a crucial role to play in achieving our climate targets and powering a cleaner and more prosperous future across the world.
In order to achieve #netzero targets, we need to take action now.
Luckily, we already have a solution that can get us to net zero – wind. We are #InWithWind, are you?
Learn more about the Bear Mountain partnership here:
Social Media: LinkedIn - Aeolis Wind.
Learn more about our project financing options here.