Travelers Capital Corp. said in a press release today that it has arranged and structured long-term, non-recourse financing to buy the Raging River hydroelectric power facility on North Vancouver Island. This is for Aquila Infrastructure Management's infrastructure coalition program.
Raging River was built and owned by Vancouver-based Surespan Group. It became operational on Jan. 28 and located 26 km southeast of Port Alice, British Columbia. Aquila's infastructure investment fund called the infrastructure coalition program is a closed-end investment vehicle with a mandate to invest in all infrastructure subsectors, in OECD countries.
Travelers Capital Corp., acting as loan agent and security agent, and funded by the company's strategic partner Industrial Alliance Insurance and Financial Services.
"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 . "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."