Transactions
TCC arranges US$26 million project financing for two run-of-river hydro projects
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.
