Renewable Energy Trust Capital Inc. has managed to close the financing for the acquisition of four solar projects in the US and Canada after raising US$200 million.
It 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 Co., securing a total of CAD $115million in financing to acquire the 12.6-megawatt DiscoveryLight and 14.2-MW FotoLight projects from Canadian Solar. Both projects provide power to the Ontario Power Authority under 20-year feed-in-tariff contracts.
RET Capital also closed two additional non-recourse debt financings totaling US$121MM to acquire two solar projects in California representing more than 44MW. It acquired the 31.26-MW McHenry Solar PV Plant in Modesto, California from K Road Power Holdings LLC, closing the financing and acquisition concurrently. It also acquired the 13.1-MW DC Heber Solar PV project in Imperial County, California.
RET Capital’s lead investor is BlueMountain Capital Management an investment firm focused on the global credit markets and equity derivatives markets.