SAN FRANCISCO—June 11, 2015—Renewable Energy Trust Capital Inc. (RET Capital) announced today the close of CAD $66MM of non-recourse debt to support the acquisition of the CityLights solar facility from Canadian Solar Inc. (NASDAQ: CSIQ) in Ontario, Canada.
RET Capital previously announced the close of a non-recourse term loan, fixed rate notes and letter of credit facility with NORD/LB Norddeutsche Landesbank Girozentrale in Hannover and Babson Capital Management in connection with the acquisition of the 12.6 megawatts (MW) DC DiscoveryLight and 14.2 MW DC FotoLight facilities. The company, an independent finance platform focused on providing low-cost capital and innovative problem solving, increased its original financing package by CAD $66MM to cover the cost of acquiring CityLights in April 2015, a 14.1 MW DC project.
“Established financial partners NORD/LB, Babson Capital and others have empowered RET Capital to grow our solar portfolio to more than 100 megawatts in North America in one year. We look forward to future partnership opportunities as well as continued expansion in North America and new markets in the coming months,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital.
Power from RET Capital’s three plants in Ontario is being sold to the Independent Electricity System Operator (IESO)—the largest power provider in Ontario—under a 20-year feed-in tariff contract.
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 offers innovative and flexible low-cost financing for wind and solar projects, a unique partnership model, and a deep bench of experienced professionals with unparalleled expertise in surmounting regulatory and financial obstacles. For developers of renewable energy projects, RET Capital reduces risk and helps ensure success. And by acquiring a diversified portfolio of high-quality wind and solar generation facilities with long-term contracts for energy delivery, RET Capital creates a predictable and profitable revenue stream. For additional information, please visit www.renewabletrust.com.