RE Royalties Acquires Royalties on 40MW Operational Solar Parks in Southern Ontario
Wednesday, June 19, 2019 10:00 AM
VANCOUVER, BC / ACCESSWIRE / June 19, 2019 / RE Royalties Ltd. (TSX-V: RE) ("RE Royalties" or the "Company") is pleased to announce that it has acquired a portfolio of gross revenue royalties on four separate operational solar parks in Ontario, Canada ("Ontario Solar Projects") from Fresh Air Energy Inc. ("Fresh Air") for $1.87 million.
The Ontario Solar Projects are owned and operated by Northland Power Inc. and have a generation capacity of 40 MW and have been in operation since 2013. The Ontario Solar Projects generate approximately 60,000MWh of clean energy per year; capable of removing 2,971 tonnes of CO2 equivalent (1) from the electricity grid or providing clean electricity to 6,600 homes in Ontario annually (2).
Bernard Tan, CEO of the Company, commented, "We are pleased to acquire this portfolio of royalties from Fresh Air, in order for Fresh Air to be able to utilize this capital to bring clean affordable energy to their current initiatives in Africa. Furthermore, we are excited to be part of these Ontario Solar Projects that are operated by Northland Power. Northland is a Canadian leader in building and operating renewable energy projects in Ontario and also globally. This transaction demonstrates the strength of the royalty financing model in creating a win-win solution for our clients, shareholders and the environment."
About RE Royalties Ltd.
RE Royalties acquires revenue-based royalties from renewable energy generation facilities by providing a non-dilutive financing solution to privately-held and publicly-traded renewable energy generation and development companies. The Company currently owns 63 royalties on solar, wind and hydro projects in Canada, Europe and the United States. The Company's business objectives are to provide shareholders with a strong growing yield, robust capital protection, high rate of growth through re-investment and a sustainable investment focus.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Directors,
For further details on RE Royalties, please visit www.reroyalties.com or contact us at (778) 374‐2000 or send us an email at [email protected].
(1) https://www.carbonzero.ca, Government of Canada 2017 National Inventory Report: Greenhouse Gas Sources and Sinks
(2) Ontario Energy Board, EB-2016-0153
Forward Looking Statements
This news release includes forward-looking information and forward-looking statements (collectively, 'forward-looking information') with respect to the Company and within the meaning of Canadian securities laws. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities. Forward-looking information contained in this news release is based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the renewable energy industry generally, income tax and regulatory matters; the ability of the Company to implement its business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com.
SOURCE: RE Royalties Ltd.