Renewable Energy Trust Capital (RET Capital) has closed financing of four solar projects to the tune of $ 200 million in the US and Canada.
The company closed a $115 million Canadian dollar non-recourse debt to acquire two solar facilities in Ontario, Canada. Last December the company closed a non-recourse term loan, fixed rate notes and letter of credit facility with Norddeutsche Landesbank Girozentrale (NORD/LB) in Hannover and Massachusetts Mutual Life Insurance Company (MassMutual) to secure the sum used to acquire the 12.6 MW DC DiscoveryLight and 14.2 MW DC FotoLight projects from Canadian Solar.
RET Capital also closed two non-recourse debts to the tune of $ 121 million for the acquisition of two solar facilities in California. The projects represent more than 44 MW DC.
Last April, RET Capital closed a non-recourse term loan and letter of credit facility to secure $ 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.
In June 2014 RET Capital also closed a non-recourse term loan, letter of credit facility and 1,603 cash grant loan with KeyBank National Association 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 to our accelerated growth. We look forward to working with these financial partners and others in the future as we continue our growth through 2015 and beyond,” John A. Bohn, Chief Executive Officer and Chairman of RET Capital, said.
Besides the assets at Ontario and California, RET Capital has completed the acquisition of three other operating solar PV systems in Georgia over the past few weeks.
BlueMountain Capital Management is the lead investor in RET Capital.
Ajith Kumar S
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