RET Capital Announces Close of over $200MM in Financing for Four Solar Assets in North America
March 20 2015 - 10:00AM
Business Wire
Finance platform closes CAD $68MM term loan and
CAD $47MM fixed rate notes for Ontario solar projects, also closes
USD $121MM for California solar facilities
Renewable Energy Trust Capital, Inc. (RET Capital) today
announced the close of over $200MM in financing for four solar
projects in the U.S. and Canada.
The independent renewable finance platform focused on lowering
the cost of capital for renewable energy developers and other
industry stakeholders closed a CAD $115MM non-recourse debt to
support the acquisition of two solar facilities in Ontario, Canada.
The company closed a non-recourse term loan, fixed rate notes and
letter of credit facility in December 2014 with NORD/LB
Norddeutsche Landesbank Girozentrale in Hannover and Massachusetts
Mutual Life Insurance Company (MassMutual), securing a total of CAD
$115MM in financing to acquire the 12.6 megawatts (MW) DC
DiscoveryLight and 14.2 MW DC FotoLight projects from Canadian
Solar. The projects provide power to the Ontario Power Authority
under 20-year feed-in-tariff contracts.
RET Capital also announced that it had closed two additional
non-recourse debt financings — totaling $121MM — related to the
acquisition of two solar facilities in California representing more
than 44 MW DC.
Working with financial partners NORD/LB and MassMutual, RET
Capital closed a non-recourse term loan and letter of credit
facility in April 2014, securing a total of $86.2MM in financing to
acquire the 31.26 MW DC McHenry Solar PV Plant in Modesto,
California. The company purchased the solar facility from K Road
Power Holdings LLC, closing the financing and acquisition
concurrently.
RET Capital closed a non-recourse term loan, letter of credit
facility and 1603 cash grant loan with KeyBank National Association
(NYSE: KEY) in June 2014 to acquire the 13.1 MW DC Heber Solar PV
project in Imperial County, California. KeyBank provided a total
credit facility of $35.2MM.
“NORD/LB, MassMutual and KeyBank have contributed strongly to
our recent accelerated growth. We look forward to working with
these creative financial partners and others in the future as we
continue our growth through 2015 and beyond,” said John A. Bohn,
Chief Executive Officer and Chairman of RET Capital.
In addition to the Ontario and California assets noted, in the
past several weeks RET Capital has completed the acquisition of
three other operating solar PV systems in Georgia.
RET Capital’s lead investor is BlueMountain Capital Management,
LLC, an investment firm focused on the global credit markets and
equity derivatives markets.
About RET Capital
RET Capital, with offices in New York and San Francisco, is an
independent finance platform established to lower the cost of
capital for qualified developers and other industry stakeholders by
providing reliable takeout financing. Focusing on the middle market
and working toward standardization, RET Capital helps facilitate
accelerated growth in the North American renewable marketplace. RET
Capital works closely with selected Asset Partners to establish
long-term relationships with developers, engineering, procurement
and construction firms and utilities to provide growth velocity,
predictability and improved margins. RET Capital works with its
Asset Partners to tailor a suitable acquisition strategy and
provide predictable takeout financing for development liquidity.
The RET Capital team endeavors to meet its Asset Partnersʼ
objectives through innovative ways to structure and design
portfolio acquisition and joint ownership opportunities.
www.renewabletrust.com
Renewable Energy Trust Capital, Inc.Roxanna Smith,
415-453-0430
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