Finance platform closes CAD $68MM term loan and CAD $47MM fixed rate notes for Ontario solar projects, also closes USD $121MM for California solar facilities

SAN FRANCISCO—Renewable Energy Trust Capital, Inc. (RET Capital) today announced the close of over $200MM in financing for four solar projects 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 megawatts (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 (NYSE: KEY) 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.

RET Capital’s lead investor is BlueMountain Capital Management, LLC, an investment firm focused on the global credit markets and equity derivatives markets.

About RET Capital

RET Capital, with offices in New York and San Francisco, is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders by providing reliable takeout financing. Focusing on the middle market and working toward standardization, RET Capital helps facilitate accelerated growth in the North American renewable marketplace. RET Capital works closely with selected Asset Partners to establish long-term relationships with developers, engineering, procurement and construction firms and utilities to provide growth velocity, predictability and improved margins. RET Capital works with its Asset Partners to tailor a suitable acquisition strategy and provide predictable takeout financing for development liquidity. The RET Capital team endeavors to meet its Asset Partnersʼ objectives through innovative ways to structure and design portfolio acquisition and joint ownership opportunities. www.renewabletrust.com

SAN FRANCISCO — Renewable Energy Trust Capital, Inc. (RET Capital) has named business development and finance executives Anna Kulic Van Dyke and Jonathan Cheng as its new managing directors of business development.

Van Dyke comes to RET Capital after serving eight years as Duke Energy’s director of project finance and business development where she helped grow its wind and solar energy business from zero to two gigawatts (GW) in less than 5 years. She was part of the business development team supporting greenfield renewable projects, including Duke’s entry into the wind business with the Tierra Energy acquisition—1,300 megawatts (MW) of wind generation in the Electric Reliability Council of Texas (ERCOT) and Western Electricity Coordinating Council (WECC)—and the Catamount Energy Corporation acquisition with 275 MW of operating assets and 1,500 MW in its wind development pipeline. She also led project financing of the 400 MW Los Vientos I and II wind projects in Texas.

Cheng comes to RET Capital after having served six years as director of business development at GCL Solar Energy where he led due diligence, acquisition and development efforts of eight distributed generation and utility-scale solar projects with a combined capacity of 180 MW and total capital cost of more than $700 million. In addition, he contributed to the successful greenfield development of 150 MW and transacted successful divestitures of ten projects with a combined capacity of 285 megawatts with capital costs of over $840 million. He also led due diligence on more than five GW of solar projects across North America, Europe and emerging markets. Previously, Cheng worked in structured finance at Bear Stearns.

“RET Capital is well-positioned for growth in 2015. The breadth of renewable industry knowledge and deep transactional experience both Anna and Jon bring to RET will further enhance the capabilities of our investment platform in working with our current and future asset partners,” said John A. Bohn, chief executive officer and chairman of RET Capital.

Over the past four weeks, RET Capital announced the purchase of three utility-scale solar power plants in Ontario delivering 40.9 MW DC to area households as well as the acquisition of the Camilla, Camp and Upson operating solar PV systems in Georgia, totaling 24.5 MW DC. In the past year RET Capital has acquired more than 100 MW of solar generating capacity.

RET Capital’s lead investor is BlueMountain Capital Management, an investment firm focused on the global credit markets and equity derivatives markets. BlueMountain Capital Management has a $19 billion portfolio and it or its affiliates have offices in New York, London and Tokyo.

About RET Capital
RET Capital is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders by providing reliable takeout financing. Focusing on the middle market and working toward standardization, RET Capital helps to facilitate accelerated growth in the North American renewable marketplace by working closely with selected Asset Partners to establish long-term relationships with developers, EPC firms and utilities to provide growth velocity, predictability and improved margins. RET Capital collaborates with its Asset Partners to tailor a suitable acquisition strategy and provide predictable ”take-out” financing for development liquidity. The RET Capital team endeavors to meet Asset Partners’ objectives through innovative ways to structure and design portfolio acquisition and joint ownership opportunities.

SAN FRANCISCO —Renewable Energy Trust Capital, Inc. (RET Capital) has tapped finance executive Bill Keeney as its new vice president of business development.

Keeney, who comes to RET after seven years as vice president of Duke Energy Renewables, will identify, develop and oversee partnership opportunities and originate acquisitions for the innovative renewable energy finance company.

“Bill has launched his own energy company, played an integral part in ushering an energy giant into the renewable sector and he thinks and executes on the gigawatt level. He’s a closer helping to lead an unparalleled team of closers,” said John A. Bohn, chief executive officer and chairman of RET Capital.

While at Duke Energy, Keeney managed a team responsible for analyzing, structuring and valuing new business opportunities as well as investing an annual capital budget north of $500MM.

“Duke grew its wind and solar business from zero to two gigawatts in less than five years during Bill’s tenure,” said Bohn. “His business development and corporate finance expertise are second to none and we are more than pleased to welcome him into our ranks.”

RET Capital is an independent financing platform working with diverse middle market renewable energy developers and other industry stakeholders to lower the cost of capital, increase standardization and facilitate accelerated growth. By focusing on the middle market and working toward standardization, the firm seeks to accelerate growth in the North American renewable marketplace.

RET Capital announced an agreement in April to acquire the 25 megawatt (MW) AC McHenry Solar Plant in Modesto, California. The solar photovoltaic (PV) plant provides power to the Modesto Irrigation District under a 25-year contract. One month prior, RET announced it would acquire the Heber Solar PV project in Imperial County, California. The 10 MW project has a 20-year power purchase agreement with the Imperial Irrigation District.

“When it comes to deal execution and track record, I would put my new colleagues at RET Capital up against anyone in the industry. This is truly a world-class team,” said Keeney.

In 2003, Keeney and two partners formed Tierra Energy, a wind developer primarily focused on projects in Texas and Wyoming. After successfully lining up a gigawatt of projects Keeney, as the company’s chief financial officer, led the sale of Tierra Energy to Duke—completing the energy giant’s acquisition of its first renewable energy developer.

Keeney also helped close retail giant Walmart’s first U.S. wind energy power purchase agreement.

Before launching Tierra Energy, Keeney originated, evaluated and closed acquisitions for energy company Aquila and managed the acquisition of power generation assets for Enron.

About RET Capital

RET Capital is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders by providing reliable takeout financing Focusing on the middle market and working toward standardization, RET Capital will help facilitate accelerated growth in the North American renewable marketplace. RET Capital works closely with selected Asset Partners to establish long-term relationships with developers, EPC firms and utilities to provide growth velocity, predictability and improved margins. RET Capital will work with its Asset Partners to tailor a suitable acquisition strategy and provide predictable “take-out” financing for development liquidity. The RET Capital team endeavors to meet its Asset Partnersʼ objectives through innovative ways to structure and design portfolio acquisition and joint ownership opportunities.

Renewable Energy Trust Capital, Inc. (RET Capital)—San Francisco—is pleased to announce that it has agreed to acquire the 25 MW AC McHenry Solar PV Plant in Modesto, California, from K Road Power Holdings LLC. The plant, constructed in 2012, provides power to Modesto Irrigation District under a 25-year contract.

RET Capital, which has offices in New York and San Francisco, is building a growth and asset management platform for the renewable energy industry. It is working with middlemarket developers and other industry stakeholders to lower their cost of capital, increase standardization and facilitate accelerated growth.

“RET Capital is pleased to acquire this high-quality asset and looks forward to growing its business with new and existing Asset Partners,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital.

“The McHenry Solar PV project is a superb development,” said William Kriegel, Chief Executive Officer of K Road Power, which is based in New York City. “In 2013, K Road provided over 66,000 MWh of clean solar energy to the Modesto Irrigation District from the McHenry plant – about 2% of MIDʼs load – and we wish RET Holdings continued success running this terrific asset.”

Nord/LB arranged the acquisition financing, using a hybrid structure in which Nord/LB and Babson Capital Management LLC together provided a 23-year senior secured, nonrecourse debt facility.

RET Capitalʼs lead investor is BlueMountain Capital Management, a private investment company focused on the global credit and equity derivatives markets. BlueMountain Capital Management has $18 billion in assets under management and offices in New York, London and Tokyo.

About RET Capital

RET Capital is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders by providing reliable takeout financing Focusing on the middle market and working toward standardization, RET Capital will help facilitate accelerated growth in the North American renewable marketplace. RET Capital works closely with selected Asset Partners to establish longterm relationships with developers, EPC firms and utilities to provide growth velocity, predictability and improved margins. RET Capital will work with its Asset Partners to tailor a suitable acquisition strategy and provide predictable “take-out” financing for development liquidity. The RET Capital team endeavors to meet its Asset Partnersʼ objectives through innovative ways to structure and design portfolio acquisition and joint
ownership opportunities. www.renewabletrust.com

About K Road Power

K Road Power is an independent power developer focused on developing, financing, owning and operating utility-scale solar projects. Founded by William Kriegel, K Roadʼs senior management is made up of long-time power sector professionals from Sithe Energies, AES Corporation and Goldman Sachs. Together, K Road principals have a 25-year history of successfully developing and safely operating over 20,000 megawatts of conventional and renewable power assets, consistently creating exceptional value for both shareholders and project stakeholders. K Road promotes sustainable, renewable energy development with a focus on reliability and efficiency in concert with environmental and social responsibility. K Road has offices in New York City. In August 2011, Barclays Natural Resource Investments, a division of Barclays Bank PLC, entered into a partnership with K Road Power to equity fund the continued development, construction and operations of K Road Powerʼs utility-scale solar portfolio. www.kroadpower.com

About BlueMountain Capital Management

BlueMountain Capital Management is an investment firm focused on the global credit and equity derivatives markets. BlueMountain, founded in 2003, is led by a senior and experienced management team of nine Managing Partners who work closely together: Andrew Feldstein, Alan Gerstein, Peter Greatrex, Michael Liberman, Bryce Markus, David Rubenstein, Jes Staley, Stephen Siderow and Derek Smith. The firm has been SEC-registered since its inception. BlueMountain’s investment approach integrates fundamental company research, advanced quantitative methods and market and product knowledge. Its investment strategies range from highly fundamental to nearly pure arbitrage. BlueMountain’s edge lies in its focus on the seams and intersection of markets characterized by a high degree of artificial boundaries amongst instrument types and investment mandates. www.bluemountaincapital.com

Renewable Energy Trust Capital, Inc. (RET Capital)—San Francisco—is pleased to announce that it has agreed to acquire the Heber Solar PV project in Imperial County, California, from Ormat Nevada, Inc., a wholly owned subsidiary of Ormat Technologies, Inc.

RET Capital, which has offices in New York and San Francisco, is building a leading growth and asset management platform for the renewable energy industry. It is collaborating with middle market developers and other industry stakeholders to lower their cost of capital increase standardization and facilitate accelerated growth

“RET Capital is pleased to acquire this high-quality asset and looks forward to growing its business with new and existing Asset Partners,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital.

“The Heber Solar PV project is a prized development and we are pleased that RET Holdings has acquired this quality asset” said Dita Bronicki, Chief Executive Officer of Ormat. “RET Holdings and Ormat have the shared goal of supplying renewable power to southern California, and we wish them success in their endeavors.”

RET Capital’s lead investor is BlueMountain Capital Management, an investment firm focused on the global credit markets and equity derivatives markets. BlueMountain Capital Management has an $18 billion portfolio and offices in New York, London and Tokyo.

About RET Capital

RET Capital is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders by providing reliable takeout financing Focusing on the middle market and working toward standardization, RET Capital will help facilitate accelerated growth in the North American renewable marketplace. RET Capital works closely with selected Asset Partners to establish long-term relationships with developers, EPC firms and utilities to provide growth velocity, predictability and improved margins. RET Capital will work with its Asset Partners to tailor a suitable acquisition strategy and provide predictable ”take-out” financing for development liquidity. The RET Capital team endeavors to meet our Asset Partners’ objectives through innovative ways to structure and design portfolio acquisition and joint ownership opportunities.

About Ormat Technologies

With over four decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company solely engaged in geothermal and recovered energy generation (REG). The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With over 77 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 480 employees in the United States and about 640 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has supplied to utilities and developers worldwide, totaling over 1,750 MW of gross capacity. Ormat’s current generating portfolio of 626 MW (net) is spread globally in the U.S., Guatemala and Kenya.

About BlueMountain Capital

BlueMountain Capital Management is an investment firm focused on the global credit markets and equity derivatives markets. BlueMountain, founded in 2003, is led by a senior and experienced management team of the following nine Managing Partners who work together in close collaboration: Andrew Feldstein, Alan Gerstein, Peter Greatrex, Michael Liberman, Bryce Markus, David Rubenstein, Jes Staley, Stephen Siderow and Derek Smith. The firm has been SEC-registered since its inception.

BlueMountain’s investment approach integrates fundamental company research, advanced quantitative methods and market and product knowledge. Its investment strategies range from highly fundamental to nearly pure arbitrage. BlueMountain’s edge lies in its focus on the seams and intersection of markets characterized by a high degree of artificial boundaries amongst instrument types and investment mandate.

Renewable Energy Trust Capital, Inc. (RET Capital) is pleased to announce that it has raised $125 million in financing which will be used to purchase utility scale and high quality commercial and industrial solar generating assets. The round was led by BlueMountain Capital Management with additional funding from existing investor Global Cleantech Capital.

“We are pleased to fund RET Capital to establish a leading growth and asset management platform for the renewable energy industry, targeting the middle market,” said Jes Staley, a Managing Partner at BlueMountain. “With this investment, we support RET Capital’s vision to attract qualified asset partners and accelerate investment and growth in the solar photovoltaic (PV) sector.”

“We are excited about our recent success in forming a capital partner relationship with BlueMountain and look forward to working with our Asset Partners and with the solar industry,” said John A. Bohn, Chief Executive Officer and Chairman, RET Capital.

RET Capital was established in 2010 with seed funding from the California Clean Energy Fund and later with a capital infusion from Global Cleantech Capital. It has offices in San Francisco and New York.

BlueMountain Capital Management was founded in 2003 as an asset management firm. Its leadership brings many years of investment and market experience to the management of its $18 billion portfolio. It has offices in New York, London and Tokyo.

About RET Capital

RET Capital is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders. By focusing on the middle market and working toward standardization, RET Capital will help facilitate accelerated growth in the North American renewable marketplace. The RET asset partner model provides qualified developers, EPC firms (engineering, procurement and construction) and utilities with predictable permanent financing strategies and solutions including joint ownership and pre-contracted funding. BlueMountain’s support, coupled with RET’s significant industry expertise, provides financial flexibility and liquidity to industry participants while increasing value to RET shareholders.

RET Capital works closely with selected asset partners to establish long-term relationships with developers, EPC firms and utilities to provide growth velocity, predictability and improved margins. RET Capital will work with its asset partners to tailor a suitable acquisition strategy and provide predictable ”take-out” financing for development liquidity. The RET Capital team endeavors to meet our asset partners’ objectives through innovative ways to structure and design portfolio acquisition and joint ownership opportunities.

About BlueMountain Capital

BlueMountain Capital Management is an investment firm focused on the global credit markets and equity derivatives markets.

BlueMountain, founded in 2003, is led by a senior and experienced management team of the following nine Managing Partners who work together in close collaboration: Andrew Feldstein, Alan Gerstein, Peter Greatrex, Michael Liberman, Bryce Markus, David Rubenstein, Jes Staley, Stephen Siderow and Derek Smith. The firm has been SEC-registered since its inception.

BlueMountain’s investment approach integrates fundamental company research, advanced quantitative methods and market and product knowledge. Its investment strategies range from highly fundamental to nearly pure arbitrage. BlueMountain’s edge lies in its focus on the seams and intersection of markets characterized by a high degree of artificial boundaries amongst instrument types and investment mandates.