RET Capital closes financing for solar acquisition

Renewable Energy Trust Capital Inc. (RET Capital) has announced the close of CAD$66 million (US$53.5 million) of non-recourse debt to support the acquisition of the CityLights solar facility from Canadian Solar Inc. in Ontario, Canada.

RET Capital previously announced the close of a non-recourse term loan, fixed rate notes and a letter of credit facility with Norddeutsche Landesbank Girozentrale (NORD LB) in Hannover and Babson Capital Managment in connection with the acquisition of the 12.6 MW DC DiscoveryLight and 14.2 MW DC FotoLight facilities.

The company, an independent finance platform focused on providing low-cost capital and innovative problem solving, increased its original financing package by CAD$66 million (US$53.5 million) to cover the cost of acquiring CityLights in April 2014, a 14.1 MW DC project.

Power from RET Capital's three plants in Ontario is being sold to the Independent Electricity System Operator (IESO), the largest power provider in Ontario, under a 20-year feed-in tariff contract.

CEO and Chairman of RET Capital, John A. Bohn, commented:

"Established financial partners NORD LB, Babson Capital and others have empowered RET Capital to grow our solar portfolio to more than 100 megawatts in North America in one year. We look forward to future partnership opportunities as well as continued expansion in North America and new markets in the coming months."

As we reported last week, Canadian Solar Inc has just closed £35 million (US$53 million) of project financing with Investec for a portfolio of four solar power endeavors in the UK.