Team
Travelers Capital has hired Frédéric Lévesque, former Director – Finances of Innergex Renewable Energy Inc.
0
Transactions
Travelers Capital Corporation (“TCC”) is pleased to announce that it has successfully arranged a $26.2 million debt financing against a portfolio of solar farms located in Ontario and owned by Concord Green Energy.
The loan was structured and arranged by TCC, acting as loan agent and security agent, and was funded by Siemens Financial Ltd. “Travelers Capital is delighted to have been selected to arrange the loan which allowed our client additional debt financing against a portfolio of recently acquired operating solar projects in Ontario. This is an another example of what Travelers Capital is capable of delivering for our clients that are seeking competitively priced and innovative financing solutions. We look forward to working with Concord Green Energy on future transactions”, said Mark Bohn, Managing Partner of Travelers Capital Corporation.
To learn more about Concord Pacific and Concord Green Energy as well as TCC, please read the full press release here.
Transactions
Travelers Capital Corporation (“TCC”) is pleased to announce that it has successfully arranged $61 million of non-recourse project financing for Box Canyon Hydro Corporation (“BCHC”), an affiliate of Elemental Energy Inc. which owns the 16 MW run-of-river hydro project located approximately 10.5 km northeast of Port Mellon, on the west shore of Howe Sound, British Columbia (40 km NNW from Vancouver, BC).
Box Canyon is in the Traditional Territory of the Squamish Nation, a partner on the project. The project was developed by Elemental Energy, a Vancouver based renewable energy investor and developer and Sound Energy Inc. The project will use the waters of Box Canyon Creek, Marty Creek and Cascara Creek to generate and sell 100% of their output to British Columbia Hydro and Power Authority under a 40-year electricity purchase agreement.
The non-recourse project financing was structured and arranged by TCC, acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. and Desjardins Financial Security Life Assurance Company.
“Travelers Capital is delighted to have been selected to arrange the construction and long term financing for this unique project and support our client’s long term vision in the renewable energy sector with their first hydro project investment in Canada”, said Mark Bohn, Managing Partner of Travelers Capital Corporation.
“With Box Canyon reaching financial close and entering the construction phase, Elemental Energy has taken an important step towards our vision of building a strong portfolio of renewable energy projects. ” added Jamie Houssian, Principal of Elemental Energy Inc.
To learn more about Elemental Energy and TCC, please read the full press release here.
Transactions
Travelers Capital Corporation is pleased to announce that it has successfully arranged $57 million of non-recourse project financing for a portfolio of four wind energy projects in Nova Scotia aggregating 24 MW (the “Projects”).
The Projects were developed by juwi Wind Canada and sold its minority or majority control in each Project to Firelight Infrastructure Partners prior to construction. The Projects consist of the following:
| (i) | Truro Heights Community Wind Project: located near the community of Truro, Nova Scotia the 4 MW Project is owned by Truro Heights Wind Limited Partnership, an equity partnership between the Eskasoni First Nation and Firelight Infrastructure Partners L.P.; | |
| (ii) | Millbrook Community Wind Project: located near the community of Truro, Nova Scotia the 6 MW Project is owned by Millbrook Wind Limited Partnership, an equity partnership between the Millbrook First Nation and Firelight Infrastructure Partners L.P.; | |
| (iii) | Chebucto Pockwock Community Wind Project: located in the community of Upper Hammonds Plains, Nova Scotia the 10 MW Project is owned by Pockwock Wind Limited Partnership, an equity partnership between the Chebucto Pockwock Lake Wind Field Limited, a Community Economic Development Investment Fund, and Firelight Infrastructure Partners L.P. and | |
| (iv) | Whynotts Community Wind Project: located in the community of Whynotts Settlement, Nova Scotia the 4 MW Project is owned by Whynotts Wind Limited Partnership, an equity partnership between the Whynotts Mi’kmaq Wind Company, LTD (a company owned by and managed for the benefit of all thirteen Nova Scotia Mi’kmaq) and Firelight Infrastructure Partners L.P. |
The Projects will sell 100% of their output to Nova Scotia Power Inc., a wholly-owned subsidiary of Emera Inc., under 20-year power purchase agreements.
The non-recourse project financing was structured and arranged by Travelers Capital Corporation, acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. “Travelers Capital is pleased to have been selected by juwi to arrange the construction and long term financing for these wind Projects developed under the Community Feed-In-Tariff (“COMFIT”) Program in Nova Scotia,” said Mark Bohn, Managing Partner of Travelers Capital Corporation. “We were able to provide our client with a creative financing solution which enabled the financing to be provided by one lender for four separate legal entities.”
“juwi is proud to see many years of our development efforts culminate in this key milestone,” states Ilan Caplan, Director of Finance at juwi. “Travelers was integral in completing this complex transaction and bringing Industrial Alliance to the opportunity. We are all especially fortunate to work with excellent community partners/owners (listed above) as well as Firelight Infrastructure Partners and their keen industry insight and capital.”
To learn more about juwi Group and TCC, please read the full press release here.
Transactions
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.
Transactions
Travelers Capital Corporation is pleased to announce that it has successfully arranged a US$26 million senior secured credit facility to fund construction for Riverbank Power Corporation’s 7.5 MW Dorena Lake in Oregon and 4.7 MW Clark Canyon in Montana run-of-river hydroelectric retrofit projects. Travelers Capital structured and arranged the senior secured project financing consisting of a construction loan followed by a 20-year term loan for each of the two projects. Both projects are expected to be commissioned in 2013. The forecast annual electric output for both projects is estimated at 30 GWh, enough to provide electricity to approximately 2,000 homes.
“Travelers Capital is delighted to have been selected by Riverbank to arrange the construction and long term debt financing on this unique transaction and support their renewable energy growth plans in North America”, said 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.”
“Closing this financing marks a significant milestone for Riverbank as we transition from developer to independent power producer,” added John Douglas, President and CEO of Riverbank Power. “I am particularly proud of our team’s ability to successfully work with the U.S. Army Corps of Engineers and FERC in the case of the Dorena Lake project to finalize our design and approval to commence construction.”
To learn more about Riverbank Power Corp and TCC, please read the full press release here.