RET Capital Closes Over $200M In Financing For Four Solar Assets


San Francisco-based Renewable Energy Trust Capital Inc. (RET Capital) has closed over $200 million in financing for four solar projects in the U.S. and Canada.

RET Capital closed C$115 million in nonrecourse debt to support the acquisition of the 12.6 MW DiscoveryLight and 14.2 MW FotoLight projects in Ontario from Canadian Solar. The credit facility was provided by Germany-based Norddeutsche Landesbank (NORD/LB) and Massachusetts Mutual Life Insurance Co. (MassMutual). The projects provide power to the Ontario Power Authority under 20-year feed-in tariff contracts.

NORD/LB and MassMutual also provided RET Capital with $86.2 million in financing to acquire the 31.26 MW McHenry Solar PV plant in Modesto, Calif., from K Road Power Holdings LLC.

RET Capital secured $35.2 million in financing from KeyBank National Association to buy the 3.1 MW Heber Solar PV project in Imperial County, Calif., from Ormat Nevada Inc.

‘NORD/LB, MassMutual and KeyBank have contributed strongly to our recent accelerated growth,’ says John A. Bohn, chairman and CEO of RET Capital.

In January, RET Capital acquired three other operating solar PV plants in Georgia from Origis USA Inc.

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