VANCOUVER, Oct. 30, 2012 /CNW/ - 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."
About Travelers Capital
Travelers Capital Corporation is a unit of Travelers Financial Corporation which is one of the largest independent equipment finance and leasing companies in Canada. Travelers Capital Corporation offers structured debt and project finance solutions to developers in the renewable energy sector with a focus on middle market transactions up to $100 million or more in size.
Additional information on Travelers is available on the company's website at www.travelerscapital.com.
About Aquila and the Infrastructure Coalition Program
Aquila is located in Toronto and was established in 2009 as a full service investment management services firm focused solely on the infrastructure sector. It delivers tailored investment solutions that offer advantages over traditional fund models.
Aquila's flagship fund is the Infrastructure Coalition Program, a closed-end investment vehicle with a mandate to invest in all infrastructure subsectors, in OECD countries globally. The Program achieved a first closing towards the end of 2011 with participation from Canadian institutional investors. It represents an innovative departure from other private investment funds, including the provision of strong alignment with investors.
Additional information about Aquila Infrastructure is available on the company's website at www.theaquilagroup.com/infrastructure.
For further information:
Mark Bohn, Managing Partner, Travelers Capital Corporation
Phone: + 1.604.637.7989 or email: [email protected]
Alina Osorio, Chief Executive Officer, Aquila Infrastructure Management
Phone: + 1. 416.340.1937 x262