TORONTO, Sept. 7, 2011 /CNW/ - Riverbank Power Corporation, a developer
of pumped hydro storage and run-of-river generation assets, announced
today that it has acquired a 50% ownership interest in a 4.2 MW "Rio
Isla" run-of-river hydro generation development project located
approximately 800 kilometers south of Santiago in the Los Rios Region,
Valdivia Province in Chile. The project is expected to be commissioned
in 2013. Riverbank Power's partner in the project is Portal Santa Laura
Ltda., a Chilean company involved in diverse business sectors, led by
Mr. Alvaro Alzola.
"After over a year of looking, we are pleased to get started in Chile.
We like the compelling fundamentals of the country and believe it to be
an important component of our strategy in Latin America," commented
John Douglas, President and CEO of Riverbank. "We found a partner as
passionate about sustainable hydro development as we are at Riverbank.
Our team looks forward to executing more projects in this attractive
area of the Americas."
"The team at Riverbank and its shareholders have a long history of
successful development in renewables," Alvaro Alzola, commented. "The
partnership is a genuine good fit that matches our local knowledge and
capability with a well capitalized developer who can bring the
necessary resources to bear."
More about Riverbank Power
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. With offices
located in Portland, Oregon, Bend, Oregon, Logan, Utah, Rigby, Idaho,
Toronto, Canada and Lima, Peru, Riverbank is well positioned to become
a market leader in hydropower in North and South America. Riverbank's
combined development capacity of 1,100 MW of run-of-river and over
10,000 MW of pumped storage hydro generation projects represents the
largest hydro development pipeline in the World.
Additional information on Riverbank Power is available on the Company's
website at www.riverbankpower.com.
SOURCE Riverbank Power Inc.
For further information:
John Douglas, Riverbank Power Corp. (416) 453-8290