TORONTO, Dec. 14 /CNW/ - Riverbank Power, a developer of pumped storage hydro and generation assets, announced today that it has closed its merger with Symbiotics Energy Corp., a leading hydro licensor and developer, and completed a concurrent $25 million financing with the Caisse de dépôt et placement du Québec (the "Caisse"). Proceeds from the financing will be primarily used to initiate construction of three run of river projects in the Pacific Northwest which represent a total of 22 MW of new "carbon free" electricity generation. The three projects are expected to be commissioned in 2012.
"The merger with Symbiotics significantly expands and strengthens our team and capabilities in hydro development, construction management and hydro operation," commented John Douglas, President and CEO of Riverbank. "Our combined development pipeline of 1,100 MW of run of river and over 16,000 MW of pumped storage hydro generation projects in North America will drive our growth."
"It's great to be in a position to begin construction of our first three run of river projects. We firmly believe that pumped storage is going to become a big business in North America," Dr. Vince Lamarra, President and CEO of Symbiotics commented. "Riverbank's project finance, additional engineering and shared vision on pumped storage were exactly what we needed to grow and capitalize on this emerging opportunity."
The Caisse financing will allow the merged company to begin construction on the 7.2 MW Dorena Lake (Oregon), 10 MW Applegate (Oregon) and 4.7 MW Clark Canyon (Montana) run of river hydroelectric generation projects.
More about Riverbank Power
Founded in 2007 and based in Toronto, Canada, Riverbank Power is a developer of a portfolio of 1,000 MW pumped storage hydro generation facilities in North America. Most of its projects involve an innovative underground design known as Aquabank™. This new approach is not restricted by topography and allows for this valuable source of generation to be located closer to load centres on the right side of transmission congestion. This innovative form of alternative energy production also represents a unique and environmentally responsible way for North Americans to ensure an affordable, secure and reliable self-sufficient supply of energy while creating significant and sustainable local economic development.
Given the recent substantial increases in renewable portfolio standards across North America and the importance of renewables under alternative carbon constrained legislation regimes, Riverbank Power firmly believes that the opportunity for storage is immense. Riverbank Power's innovative underground pump storage application will significantly enable renewable resources such as wind to be built. Aquabank™ will effectively become the rechargeable battery for the world's power grid.
Additional information on Riverbank Power is available on the Company's website at www.riverbankpower.com.
More about Symbiotics Energy Corp.
Symbiotics is a leading licensor and developer of hydro generation facilities in the United States. With a staff of thirty eight professionals operating from three offices including Portland, Oregon, Logan, Utah and Rigby Idaho, Symbiotics has been licensing hydro projects for utilities since it was founded in 2001 by Dr. Vince Lamarra and Brent Smith. The staff is comprised primarily of scientists including biologists and technicians with formable experience and expertise in the environmental issues associated with permitting and licensing hydro electric projects in the United States.
Additional information on Symbiotics is available on the Company's website at www.symbioticsenergy.com.
For further information: For further information:
John Douglas, Riverbank Power Corp. (416) 453-8290