Renewable Energy Trust Capital, Inc. (RET Capital) has completely closed over $200MM (million) in financing for four solar projects, cumulatively about 100MW, 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 CAD $115MM non-recourse debt to support the acquisition of two solar facilities in Ontario, Canada. 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 in Hannover and Massachusetts Mutual Life Insurance Company (MassMutual), securing a total of CAD $115MM in financing to acquire the 12.6 MW DC DiscoveryLight and 14.2 MW DC FotoLight projects from Canadian Solar. The projects provide power to the Ontario Power Authority under 20-year feed-in-tariff contracts.
RET Capital also announced that it had closed two additional non-recourse debt financings — totaling $121MM — related to the acquisition of two solar facilities in California representing more than 44 MW DC.
Working with financial partners NORD/LB and MassMutual, RET Capital closed a non-recourse term loan and letter of credit facility in April 2014, securing a total of $86.2MM 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 National Association 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 $35.2MM.
“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.