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.