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RET Capital secures $239m financing to support California wind farm acquisition

CTBR Staff Writer Published 15 July 2015

Renewable Energy Trust Capital (RET Capital) has secured $239m in hybrid debt financing to support its recent acquisition of the 102MW Coram wind farm in California, US.

The financing includes a $134.7m term loan and letter of credit facility, as well as $103.9m worth of investment grade rated fixed rate notes.

RET Capital said the financing has been completed parallely with the acquisition of the plant earlier this month.

The company acquired the Coram wind project from BAIF US Renewable Power. Situated in Kern County, California, the plant has a long-term power purchase agreement with Pacific Gas & Electric Company.

Mitsubishi UFJ Financial Group (MUFG) served as coordinating lead arranger and bookrunner for the credit facilities.

RET Capital chief executive officer and chairman John Bohn said: "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."

BlueMountain Capital Management is the lead investor of RET Capital, which provides low-cost financing for wind and solar projects.