Travelers Capital Arranges $26 Million for Riverbank Power
Travelers Capital arranged a $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.”
Travelers Capital is a unit of Travelers Financial Corporation, which is one of Canada’s largest independent finance and leasing companies in Canada.
Founded in 2007 and based in Toronto, Canada, Riverbank Power is a developer, constructor and operator of run-of-river and pumped storage hydro generation facilities in North and South America.