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TCC arranges project financing for 8 MW hydro project in British Columbia
Travelers Capital Corporation is pleased to announce that it has successfully arranged long term non-recourse financing for the acquisition of the Raging River hydroelectric power facility (“Raging River” or the “Facility”), an 8 MW generating station on North Vancouver Island, for Infrastructure Coalition Program (the “Program”) the infrastructure investment platform of Aquila Infrastructure Management (“Aquila”). Output from the operating project is fully contracted under a 20-year electricity purchase agreement with BC Hydro.
Raging River was built and owned by Vancouver-based The Surespan Group (“Surespan”). It achieved commercial operations on January 28, 2012. It is situated 26 km southeast of Port Alice, British Columbia.
The non-recourse debt financing was structured and arranged by Travelers Capital Corporation (“TCC”), acting as loan agent and security agent, and funded by TCC’s strategic partner Industrial Alliance Insurance and Financial Services Inc. “Travelers Capital is pleased to have been selected to arrange the long term financing for this high quality facility and support Aquila’s long term investment strategy in the renewable energy sector”, said Mark Bohn, Managing Partner of Travelers Capital Corporation. “By providing a competitively priced non-recourse long term debt financing solution we were able to match the needs of both our client and institutional funding partner. This is another example of our capabilities to deliver structured finance solutions for mid-market renewable energy deals”.
“We are very fortunate to have the opportunity to participate in the renewable power sector in British Columbia” added Alina Osorio, Chief Executive Officer of Aquila, manager of the Program. “This very well-built facility compliments our hydropower objectives by bringing the cumulative generation capacity of our portfolio to 20 MW.”
To learn more about Aquila and TCC, please read the full press release here.
