Renewable Energy Trust Capital, Inc. (RET Capital) announced it has closed the financing to support its recently acquired 102-MW operating Coram Wind Project from BAIF U.S. Renewable Power Holdings. The project, located in Kern County, California, benefits from long-term contracted revenues through a power purchase agreement with Pacific Gas & Electric Company to provide clean, reliable and affordable electricity to the utility and its customers.
RET Capital secured $239 million in a hybrid debt financing consisting of a $134.7 million term loan and letter of credit facility, as well as a $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) 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. 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,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. “MUFG is dedicated to offering our clients the full range of services they need to expand their business and we are delighted to have supported RET Capital on this acquisition,” said Jonathan Lindenberg, Managing Director and Head of Structured Finance for the Americas at MUFG.
RET Capital, which has offices in New York and San Francisco, is a leading 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. RET Capital’s lead investor is BlueMountain Capital Management, an investment firm with approximately $21 billion of assets under management.