RET Capital taps former Duke Energy and GCL Solar execs to lead business development

Renewable Energy Trust Capital Inc. has named business development and finance executives Anna Kulic Van Dyke and Jonathan Cheng its new managing directors of business development.

Van Dyke comes to RET Capital after serving eight years as Duke Energy’s director of project finance and business development where she helped grow its wind and solar energy business from zero to 2 GW in less than five years. She was part of the business development team supporting greenfield renewable projects, including Duke’s entry into the wind business with the Tierra Energy acquisition – 1,300 MW of wind generation in the Electric Reliability Council of Texas (ERCOT) and Western Electricity Coordinating Council (WECC) – and the Catamount Energy Corp. acquisition with 275 MW of operating assets and 1,500 MW in its wind development pipeline. She also led project financing of the 400-MW Los Vientos I and II wind projects in Texas.

Cheng comes to RET Capital after having served six years as director of business development at GCL Solar Energy where he led due diligence, acquisition and development efforts of eight distributed generation and utility-scale solar projects with a combined capacity of 180 MW and total capital cost of more than $700 million. In addition, he contributed to the successful greenfield development of 150 MW and transacted successful divestitures of 10 projects with a combined capacity of 285 MW with capital costs of more than $840 million. He also led due diligence on more than 5 GW of solar projects across North America, Europe and emerging markets. Previously, Cheng worked in structured finance at Bear Stearns.

“RET Capital is well-positioned for growth in 2015,” said John A. Bohn, chairman and CEO of RET Capital. “The breadth of renewable industry knowledge and deep transactional experience both Anna and Jon bring to RET will further enhance the capabilities of our investment platform in working with our current and future asset partners.”

RET Capital announced the purchase of three utility-scale solar power plants in Ontario delivering 40.9 MW DC to area households, as well as the acquisition of the Camilla, Camp and Upson operating solar PV systems in Georgia, totaling 24.5 MW DC. In the past year, RET Capital has acquired more than 100 MW of solar generating capacity.

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.

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