RET Capital backs wind buy with USD-239m financing
Wind farm in USA. Author: Sam Howzit. License: Creative Commons. Attribution 2.0 Generic
Renewable Energy Trust Capital Inc, or RET Capital, said today it has obtained USD 239 million (EUR 217m) in hybrid debt financing to support its recent acquisition of the 102-MW Coram wind farm in California.
The funds include a USD-134.7-million term loan and letter of credit facility plus USD 103.9 million worth of investment grade rated fixed rate notes. The financing has been completed concurrently with the acquisition of the plant earlier this month, RET Capital said.
Mitsubishi UFJ Financial Group (MUFG) has served as coordinating lead arranger and bookrunner for the credit lines.
RET Capital bought the Coram wind park from BAIF US Renewable Power Holdings LLC. The plant has a long-term power purchase agreement (PPA) with utility Pacific Gas & Electric Company (NYSE:PCG).