US-based Renewable Energy Trust Capital (RET Capital) has secured $239m in financing for its recent acquisition of a 102MW Coram wind energy facility in California.
The wind project is located in Kern County. It was previously owned by BAIF US Renewable Power Holdings.
The project, which was acquired earlier in the month, is supported with a long-term power purchase agreement with Pacific Gas & Electric.
Comprising the $239m hybrid debt financing for the project is a $134.7m term loan and letter of credit facility, along with investment grade rated fixed rate notes worth $103.9m.
Japan’s Mitsubishi UFJ Financial Group (MUFG) had worked as coordinating lead arranger and bookrunner for the credit lines, whereas Mitsubishi UFJ Securities (USA) served as the sole placement agent and bookrunner for the fixed notes.
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RET Capital CEO and chairman John A Bohn said: "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."
MUFG Americas Structured Finance head and managing director Jonathan Lindenberg said: "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."
The acquisition expands RET Capital’s renewable energy portfolio to 200MW.
