RET Capital closes financing on U.S., Canadian solar projects

Renewable Energy Trust Capital Inc. (RET Capital) on March 20 announced the close of over $200 million 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 C$115MM non-recourse debt to support the acquisition of two solar facilities in Ontario.

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 and Massachusetts Mutual Life Insurance Co. (MassMutual), securing a total of C$115MM in financing to acquire the 12.6 MW (dc) DiscoveryLight and 14.2 MW (dc) FotoLight projects from Canadian Solar. These projects provide power to the Ontario Power Authority under 20-year feed-in-tariff contracts.

RET Capital has also closed two additional non-recourse debt financings — totaling $121 million— related to the acquisition of two solar facilities in California representing more than 44 MW (dc).

  • Working with NORD/LB and MassMutual, RET Capital closed a non-recourse term loan and letter of credit facility in April 2014, securing a total of $86.2 million 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 NA 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 $35.2 million.

“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. It acquired the Camilla, Camp and Upson operating solar PV systems, totaling 24.5 MW (dc), from Origis USA Inc.

RET Capital’s lead investor is BlueMountain Capital Management LLC, an investment firm focused on the global credit markets and equity derivatives markets.

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.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.