Renewable Energy Trust Capital, Inc. (RET Capital) has closed the financing to support its recently acquired 102 MW operating Coram Wind Project in USA from BAIF U.S. Renewable Power Holdings LLC.
The project, located in Kern County, California, benefits from long-term contracted revenues through a power purchase agreement with Pacific Gas & Electric Company to provide clean, reliable and affordable electricity to the utility and its customers.
RET Capital secured US$239 million in a hybrid debt financing consisting of a US$134.7 million term loan and letter of credit facility and US$103.9 million of investment grade rated fixed rate notes.
MUFG was the coordinating lead arranger and bookrunner for the credit facilities, which were syndicated to Associated Bank, DZ Bank, and Zions Bank. Mitsubishi UFJ Securities (USA), Inc. was the sole placement agent and bookrunner for the fixed notes, which were placed with AIG Asset Management and Teachers Insurance and Annuity Association of America.
The financing closed concurrently with the Coram asset acquisition in July 2015.John A. Bohn, Chief Executive Officer and Chairman of RET Capital, stated:
“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,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital.”
Jonathan Lindenberg, Managing Director and Head of Structured Finance for the Americas at MUFG, commented:
“MUFG is dedicated to offering our clients the full range of services they need to expand their business and we are delighted to have supported RET Capital on this acquisition.”