Untitled Document

Riverbank Power secures financing for two North American hydroelectric plants

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.

Latest Slideshow

Your Picture Here: Send Us Your Dam Selfie

View Slideshow >>

more slideshows >>   

Hydro Whitepapers

Hydro Industry Financials

Most Read Articles

Recent Comments

Continuing Education

Professional Development Hours
To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Volume 34, Issue 2
Volume 23, Issue 2

Archived Articles

2006 | 2007 | 2008 | 2009 | 2010 2011 | 2012 | 2013
Hydro Review Past Issues

Buyers Guide Products

Digital Governor Conversions and Retrofit Kits

Want to Go Digital? Over the last 10 years we h...

Standard & Expedited Bearing Repair Services

Our service and repair department is the longes...

Canyon Hydro Pelton Turbines

Canyon Hydro is a leading designer and manufact...

Manitou Falls 1999

1'st PTFE-lined thrust bearing shoes delivered ...

Buyers Guide Companies

Sauer Compressors USA Inc

ABB Inc/High Current Systems

Barr Engineering Co

JM Power Aggregates Ltd

Owner, inventor and distributor of an environme...

Hydro Power Services LLC

Provides service contractor specializing in fie...