TORONTO 5/21/12 (PennWell) -- Canadian developer Riverbank Power Corporation has closed US$38 million in financing for a pair of hydropower projects located in the United States.

Riverbank says its 7.5-MW Dorena Lake project in Oregon will assume $26 million in non-recourse debt, while the 4.7-MW Clark Canyon plant in Montana will get the remainder in sub-debt financing.

The non-recourse debt was arranged by Travelers Capital Corporation and funded by Industrial Alliance Insurance and Financial Services Inc., while the $12 million lent to the Clark Canyon project was provided by the Infrastructure Coalition Program.

Both facilities are expected to be commissioned in 2013 and are intended to help Riverbank expand its operation, says president and chief executive officer John Douglas. "Closing this financing marks a significant milestone for Riverbank as we transition from developer to independent power producer," Douglas says.

HydroWorld.com reported that Riverbank and enXco entered into a joint venture agreement for North American pumped-storage development in March.