Renewable Energy Trust Capital, Inc. (RET Capital) has closed the financing for the recent acquisition of the 102 MW operating Coram Wind Project from BAIF U.S. Renewable Power Holdings LLC. The project, located in Kern County, California, benefits from long-term contracted revenues through a power purchase agreement with Pacific Gas & Electric Company.
RET Capital secured $239 million in a hybrid debt financing consisting of a $134.7 million term loan and letter of credit facility and $103.9 million of investment grade rated fixed rate notes. MUFG was the coordinating lead arranger and bookrunner for the credit facilities, which were syndicated to Associated Bank, DZ Bank, and Zions Bank. Mitsubishi UFJ Securities (USA), Inc. was the sole placement agent and bookrunner for the fixed notes, which were placed with AIG Asset Management and Teachers Insurance and Annuity Association of America. The financing closed concurrently with the Coram asset acquisition in July 2015.
“RET Capital is pleased to extend our financing footprint into the wind sector,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. “Not only did we have a successful financial close with reputable financing partners, we also bolstered relationships with MUFG and the entire lending group. We look forward to many future successes in wind power.”
RET Capital, which has offices in New York and San Francisco, is a growth and asset management platform for the renewable energy industry. It is collaborating with developers and other industry stakeholders to lower their cost of capital, increase standardization, and facilitate accelerated growth.