RET Capital Raises US$200 Million Debt to Fund Acquisition of Solar Projects

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.

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