The plant is located in Kern County, California, and benefits from long-term contracted revenues through a power purchase agreement with Pacific Gas & Electric Company (NYSE: PCG) to provide clean, reliable and affordable power to the utility.
SAN FRANCISCO--Renewable Energy Trust Capital Inc. (RET Capital) announced today the acquisition of Coram Wind Project, an operating 102 megawatt (MW) power plant, from BAIF U.S. Renewable Power Holdings LLC. The plant is located in Kern County, California, and benefits from long-term contracted revenues through a power purchase agreement with Pacific Gas & Electric Company (NYSE: PCG) to provide clean, reliable and affordable power to the utility.
"RET Capital is pleased to own this large, high-quality asset to anchor its wind portfolio and strategy, and looks forward to growing its business through additional acquisitions of similar wind projects in North America and new markets," said John A. Bohn, chief executive officer and chairman of RET Capital. With this new acquisition, RET Capital's total renewable energy portfolio tops 200 MW DC.
RET Capital, which has offices in San Francisco and New York, is building a leading growth and asset management platform for the renewable energy industry. The company collaborates with developers and other industry stakeholders to lower the cost of capital, increase standardization, and facilitate accelerated growth.
RET Capital's lead investor is BlueMountain Capital Management, an investment firm with approximately $21 billion of assets under management and offices in New York and London.
Just last month, RET Capital announced the close of CAD $66MM of non-recourse debt to support the acquisition of the CityLights solar facility from Canadian Solar Inc. (NASDAQ: CSIQ) in Ontario, Canada.
About RET Capital
RET Capital offers innovative and flexible low-cost financing for wind and solar projects, a unique partnership model, and a deep bench of experienced professionals with unparalleled expertise in surmounting regulatory and financial obstacles. For developers of renewable energy projects, RET Capital reduces risk and helps ensure success. And by acquiring a diversified portfolio of high-quality wind and solar generation facilities with long-term contracts for energy delivery, RET Capital creates a predictable and profitable revenue stream. For additional information, please visit www.renewabletrust.com.
About BlueMountain Capital
BlueMountain Capital Management is a diversified alternative asset manager founded in 2003. With a heritage in the credit markets, BlueMountain's multi-strategy platform includes investments in credit, distressed equity, structured finance and real estate as well as arbitrage and technical strategies.