RET Capital Closes On Deal To Acquire California Wind Farm


RET Capital Closes On Deal To Acquire California Wind Farm Renewable Energy Trust Capital Inc. (RET Capital) has closed on its acquisition of the 102 MW Coram Wind Project from BAIF U.S. Renewable Power Holdings LLC. The deal was announced July 8.

The operating wind farm, located in Kern County, Calif., has a long-term power purchase agreement with Pacific Gas & Electric Co.

According to RET Capital, the company secured $239 million in a hybrid debt financing consisting of a $134.7 million term loan and letter of credit facility and with $103.9 million of investment-grade fixed-rate notes.

Mitsubishi UFJ Securities (MUFG) was the coordinating lead arranger and bookrunner for the credit facilities, which were syndicated to Associated Bank, DZ Bank and Zions Bank. The U.S. arm of MUFG was the sole placement agent and bookrunner for the fixed notes, which were placed with AIG Asset Management and with Teachers Insurance and Annuity Association of America.

With the acquisition, RET Capital says its total renewable energy portfolio tops 200 MW. The company, which has offices in San Francisco and New York, notes that its lead investor is BlueMountain Capital Management.

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