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Apollo Infrastructure Funds and Altius Renewable Royalties Announce Joint Venture

October 13, 2020 / Globenewswire

Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) announced today that certain funds managed by its affiliates (“Apollo Funds”) have formed a joint venture with Altius Minerals Corporation (TSX:ALS) subsidiary Altius Renewable Royalties (“Altius”) to accelerate the growth of Great Bay Renewables (“Great Bay”), the US-based operating subsidiary of Altius and a leading provider of renewable energy development capital in North America. Apollo Funds expect to invest up to $200 million and will have the opportunity to acquire up to a 50% stake in Great Bay, the proceeds of which will be used by Great Bay to invest in prominent renewable energy development platforms in North America. Through the investment, Apollo’s infrastructure strategy becomes the first in its asset class to fund renewable royalties and expects to establish a leadership position in the space.