Selkirk Advisory Group acted as financial advisor for a $15.7 million non-recourse project refinancing of an 11 MW portfolio of operating run-of-river hydro projects located on Vancouver Island, British Columbia.
Travelers Capital Corporation (“TCC”) is pleased to announce that it has successfully arranged $61 million of non-recourse project financing for Box Canyon Hydro Corporation (“BCHC”), an affiliate of Elemental Energy Inc. which owns the 16 MW run-of-river hydro project located approximately 10.5 km northeast of Port Mellon, on the west shore of Howe Sound, British Columbia (40 km NNW from Vancouver, BC).
Box Canyon is in the Traditional Territory of the Squamish Nation, a partner on the project. The project was developed by Elemental Energy, a Vancouver based renewable energy investor and developer and Sound Energy Inc. The project will use the waters of Box Canyon Creek, Marty Creek and Cascara Creek to generate and sell 100% of their output to British Columbia Hydro and Power Authority under a 40-year electricity purchase agreement.
The non-recourse project financing was structured and arranged by TCC, acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. and Desjardins Financial Security Life Assurance Company.
“Travelers Capital is delighted to have been selected to arrange the construction and long term financing for this unique project and support our client’s long term vision in the renewable energy sector with their first hydro project investment in Canada”, said Mark Bohn, Managing Partner of Travelers Capital Corporation.
“With Box Canyon reaching financial close and entering the construction phase, Elemental Energy has taken an important step towards our vision of building a strong portfolio of renewable energy projects. ” added Jamie Houssian, Principal of Elemental Energy Inc.
To learn more about Elemental Energy and TCC, please read the full press release here.
Travelers Capital Corporation is pleased to announce that it has successfully arranged long term non-recourse financing for the acquisition of the Raging River hydroelectric power facility (“Raging River” or the “Facility”), an 8 MW generating station on North Vancouver Island, for Infrastructure Coalition Program (the “Program”) the infrastructure investment platform of Aquila Infrastructure Management (“Aquila”). Output from the operating project is fully contracted under a 20-year electricity purchase agreement with BC Hydro.
Raging River was built and owned by Vancouver-based The Surespan Group (“Surespan”). It achieved commercial operations on January 28, 2012. It is situated 26 km southeast of Port Alice, British Columbia.
The non-recourse debt financing was structured and arranged by Travelers Capital Corporation (“TCC”), acting as loan agent and security agent, and funded by TCC’s strategic partner Industrial Alliance Insurance and Financial Services Inc. “Travelers Capital is pleased to have been selected to arrange the long term financing for this high quality facility and support Aquila’s long term investment strategy in the renewable energy sector”, said Mark Bohn, Managing Partner of Travelers Capital Corporation. “By providing a competitively priced non-recourse long term debt financing solution we were able to match the needs of both our client and institutional funding partner. This is another example of our capabilities to deliver structured finance solutions for mid-market renewable energy deals”.
“We are very fortunate to have the opportunity to participate in the renewable power sector in British Columbia” added Alina Osorio, Chief Executive Officer of Aquila, manager of the Program. “This very well-built facility compliments our hydropower objectives by bringing the cumulative generation capacity of our portfolio to 20 MW.”
To learn more about Aquila and TCC, please read the full press release here.
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.