Renewable Energy Trust Capital Inc. has secured CAD$66 million (US$57 million) of non-recourse debt to support the acquisition of the 14.1-megawatt CityLights solar facility from Canadian Solar Inc. in Ontario, Canada.
RET Capital previously announced the close of a non-recourse term loan, fixed rate notes and letter of credit facility with NORD/LB Norddeutsche Landesbank Girozentrale in Hannover and Babson Capital Management in connection with the acquisition of the 12.6-MW DiscoveryLight and 14.2-MW FotoLight facilities. The company increased its original financing package by CAD $66MM to cover the cost of acquiring the CityLights in April 2015.
“Established financial partners NORD/LB, Babson Capital and others have empowered RET Capital to grow our solar portfolio to more than 100 megawatts in North America in one year. We look forward to future partnership opportunities as well as continued expansion in North America and new markets in the coming months,” said John Bohn, Chief Executive Officer and Chairman of RET Capital.
Power from RET Capital’s three plants in Ontario is being sold to the Independent Electricity System Operator—the largest power provider in Ontario—under a 20-year feed-in tariff contract.
RET Capital’s lead investor is BlueMountain Capital Management an investment firm focused on the global credit markets and equity derivatives markets.