Renewable Energy Trust Capital, Inc. (RET Capital) announced in mid April that it has agreed to acquire the 25 MW AC McHenry Solar PV Plant in Modesto, California, from K Road Power Holdings LLC. The plant, constructed in 2012, provides power to Modesto Irrigation District under a 25-year contract.
RET Capital, which has offices in New York and San Francisco, is building a growth and asset management platform for the renewable energy industry. It is working with middlemarket developers and other industry stakeholders to lower their cost of capital, increase standardization and facilitate accelerated growth.
John A. Bohn, Chief Executive Officer and Chairman of RET Capital, said:
“RET Capital is pleased to acquire this high-quality asset and looks forward to growing its business with new and existing Asset Partners.”
William Kriegel, Chief Executive Officer of K Road Power, which is based in New York City, said:
“The McHenry Solar PV project is a superb development. In 2013, K Road provided over 66,000 MWh of clean solar energy to the Modesto Irrigation District from the McHenry plant – about 2% of MID?s load – and we wish RET Holdings continued success running this terrific asset.”
RET Capital?s lead investor is BlueMountain Capital Management, a private investment company focused on the global credit and equity derivatives markets. BlueMountain Capital Management has $18 billion in assets under management and offices in New York, London and Tokyo.
RET Capital is an independent finance platform established to lower the cost of capital for qualified developers and other industry stakeholders by providing reliable takeout financing .