RET Capital secures over US$200 million in financing for four solar projects

Renewable Energy Trust Capital (RET Capital) has announced the financing of four solar projects in the US and Canada, totalling over US$200 million.

The company closed a CAD$115million non-recourse debt for the procurement of two PV projects in Ontario, Canada with NORD/LB Norddeutsche Landesbank Girozentrale and Massachusetts Mutual Life Insurance Company (MassMutual).

This deal in Canada acquired 12.6MW DC DiscoveryLight and 14.2MW DC Fotolight from Canadian Solar and was closed in December 2014. The projects generate power under 20 year feed-in tariff contracts for the Ontario Power Authority.

RET Capital also acquired financing of US$121million for the procurement of two solar projects in California totalling over 44MW. They partnered again with NORD/LB and Massmutual in April 2014 to gain US$86.2million in financing for the 31.26MW DC McHenry Solar PV Plant in Modesto, California from K Road Power Holdings.

Along with KeyBank National Association they secured financing of US$35.2million in June 2014 for the 13.1MW DC Herber Solar PV project in Imperial County, California.

According John A Bohn, chief executive officer and chairman of RET Capital: “Nord/LB, MassMutual and KeyBank have contributed strongly to [their] recent accelerated growth.”

RET has acquired three other solar PV systems in Georgia in the past few weeks.