Renewable Energy Trust Capital, Inc. (RET Capital) is pleased to announce that it has acquired the Camilla, Camp and Upson operating solar PV systems, totaling 24.5 MW DC from Origis USA, Inc. (“Origis”). The projects are located in Georgia and benefit from long-term contracted revenues through 20-year power-purchase agreements with Georgia Power to provide clean, reliable and affordable solar power to the utility. Under the agreement Origis will continue to provide O&M and asset management services.
In addition to this initial acquisition, RET Capital and Origis have executed a broad Collaboration Framework Agreement providing both partners substantial benefits and accelerated growth. RET Capital will provide Origis a long-term reliable source of capital for its high quality assets. Origis will provide development, EPC, O&M and asset management services for its rapidly expanding pipeline in North America. Additionally, RET Capital and Origis will continue to work together to expand their co-development and acquisition efforts.
RET Capital, which has offices in New York and San Francisco, is building a leading growth and asset management platform for the renewable energy industry. It is collaborating with middle market developers and other industry stakeholders to lower their cost of capital, increase standardization, and facilitate accelerated growth.
“RET Capital is pleased to acquire these high-quality assets, our first in the Southeast, and looks forward to growing its business with this exciting new Asset Partner,” said John A. Bohn, chief executive officer and chairman of RET Capital.
“These solar power projects are a prized development, among the first built under the Georgia Power solicitation, and we are pleased that RET Capital has acquired these quality assets to anchor what we hope will be a long and productive partnership,” said Guy Vanderhaegen, president of Origis. “RET Capital and Origis share the goal of supplying renewable power to customers across the United States.”
Last week RET Capital announced a deal with Canadian Solar to acquire three utility-scale solar power plants in Ontario delivering 40.9 MW DC to area households.
RET Capital’s lead investor is BlueMountain Capital Management, an investment firm focused on the global credit markets and equity derivatives markets. BlueMountain Capital Management has a $19 billion portfolio and it or its affiliates have offices in New York, London and Tokyo.