Riverbank Power closes financing for hydroelectric retrofit projects

Riverbank Power Corp has closed a $38m financing to fund construction of its 7.5MW Dorena Lake and 4.7MW Clark Canyon run-of-river hydroelectric retrofit projects in Oregon and Montana, US.

Power generated from the projects is estimated at 30GWh, enough to provide electricity to about 2,000 households.

Travelers Capital Corp has structured and arranged the non-recourse debt financing, while Industrial Alliance Insurance and Financial Services has provided the funding.

Rest of the funding was provided by the Infrastructure Coalition Program, an investment vehicle managed by Aquila Infrastructure Management.

Both projects are expected to be commissioned in 2013. Travelers Capital Corp managing partner Mark Bohn said the company is pleased to support Riverbank’s renewable energy growth plans in North America.