Great Bay Renewables Announces Financing for Development Partner Hexagon Energy to Fund PJM Interconnection Deposits
Portsmouth, NH (December 11, 2024) – Great Bay Renewables, LLC (“Great Bay”) announced today that it has entered into a follow-on transaction with its development partner, Hexagon Energy, LLC (“Hexagon”). Great Bay will provide up to $30 million to support upcoming interconnection security requirements to advance Hexagon’s 3.4 GW PJM portfolio in the interconnection process.
Frank Getman, CEO of Great Bay, commented, “The Hexagon team continues to impress us with its development expertise. Building on our 2023 royalty investment and 2024 interconnection deposit facility, this financing will ensure that Hexagon can continue to advance key projects and maximize the value of its increasingly impressive portfolio of high-quality projects.”
Interconnection security requirements represent a critical financing need for renewable energy developers. Great Bay continues to partner with developers, banks, and financing parties to ensure that quality projects can advance within their interconnection processes. Great Bay closed two interconnection deposit facilities in 2024 and has recently announced an “Open Season” for the allocation of more than $100 million in capacity for refundable deposits in MISO and PJM.
About Great Bay Renewables
Great Bay Renewables, based in Portsmouth, New Hampshire, provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. To date, Great Bay has committed more than $500 million of royalty financing in the renewable energy sector and has created royalty agreements on over 35 renewable energy projects totaling nearly 8.2 GW. Great Bay’s management team has extensive experience in renewable energy development, financing, and operations across a range of renewable technologies located throughout the United States. Great Bay is backed by Altius Renewable Royalties Corp. and certain funds managed by affiliates of Apollo (NYSE: APO). Learn more about Great Bay at greatbayrenewables.com or follow us on Linkedin.
About Hexagon Energy
Hexagon Energy, based in Charlottesville, Virginia, is a purpose-built clean energy developer with a proven track record of utility-scale solar, standalone storage, and paired asset development which includes extensive experience in both PJM and MISO. Hexagon has sold a total of 1.3 GW to many of the nation's largest utilities and asset owners with another 7 GW under development, of which 3.4 GW is in PJM and 1.5 GW is in MISO. Hexagon covers the full spectrum of development and finance including market analysis, environmental diligence, site control, transmission analysis, community engagement, state and local permitting, engineering, and financial modeling. Learn more about Hexagon at hexagon-energy.com or follow us on LinkedIn.