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.