RET Capital agrees financing for 14.1-MW Ontario solar buy

Renewable Energy Trust Capital Inc (RET Capital) it has secured CAD 66 million (USD 53.6m/EUR 48m) of non-recourse debt to back the acquisition of a 14.1-MW solar farm in Ontario from Canadian Solar Inc (NASDAQ:CSIQ).

The capacity is given in direct current (DC).

The renewable finance platform acquired the solar power plant, called CityLights in April, its third solar facility in Ontario bought from Canadian Solar. San Francisco-based RET Capital previously closed non-recourse debt with NORD/LB Norddeutsche Landesbank Girozentrale in Hannover and Babson Capital Management in relation to the acquisition of two other plants in Ontario, of 12.6 MW DC and 14.2 MW DC. It has now increased the original financing package to cover the CityLights buy, according to a Thursday press release.

"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," said RET Capital chief executive and chairman John A Bohn and added that the firm looked forward to continued expansion in North America and new markets in the coming months.

Power from the three acquired plants in Ontario is being sold to the province's Independent Electricity System Operator (IESO) under a 20-year feed-in tariff (FiT) contract.

(CAD 1.0 = USD 0.812/EUR 0.723)

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