The non-recourse debt financing was structured and arranged by Travelers Capital Corporation and funded by Industrial Alliance Insurance and Financial Services Inc with the remaining financing provided by the Infrastructure Coalition Program, an investment vehicle managed by Aquila Infrastructure Management.
"Closing this financing marks a significant milestone for Riverbank as we transition from developer to independent power producer," said John Douglas, President and CEO of Riverbank Power. "I am particularly proud of our team's ability to successfully work with the US Army Corps of Engineers and FERC in the case of the Dorena Lake project to finalize our design and approval to commence construction."
Both projects are expected to be commissioned in 2013. The forecast annual electric output for both projects is estimated at 30GWh.
Alina Osorio, CEO of Aquila added: "We view these projects as an important first step in a broader strategic partnership with Riverbank Power, whose capabilities and pipeline are impressive. We look forward to the successful commissioning of the Dorena Lake and Clark Canyon facilities."
"Travelers Capital is delighted to have been selected by Riverbank to arrange the construction and long terms debt financing on this unique transaction and support their renewable energy growth plans in North America," added Mark Bohn, Managing Partner of Travelers Capital Corporation. "Effectively converting existing non-power generating assets into clean renewable energy projects demonstrates the creativity and foresight that Mr. Douglas and his management team at Riverbank bring to the table."
