Aquila Infrastructure Acquires Raging River Hydro-Electric Power Facility
TORONTO, ONTARIO--(Marketwire - Oct. 30, 2012) - Aquila Infrastructure Management ("Aquila") is pleased to announce that its infrastructure investment platform, the Infrastructure Coalition Program (the "Program"), has acquired the Raging River hydro-electric power facility ("Raging River" or the "Facility"), an 8 MW generating station on North Vancouver Island. Output from the operating project is fully contracted under a 20-year electricity purchase agreement with BC Hydro.
"We are very fortunate to have the opportunity to participate in the renewable power sector in British Columbia" said 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."
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. "We are proud of having built and managed the Raging River facility" said Nigel Bester, President of Surespan. "We have been involved with the Facility for many years and are fortunate to have played an important role in helping to provide renewable power to 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 structure and arrange the long term financing for this high quality facility and support Aquila's long term investment strategy in the renewable energy sector", added Mark Bohn, Managing Partner of Travelers Capital Corporation.
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.
About the Surespan Group
The Surespan Group of Companies is a family-owned, British Columbia-based infrastructure group with offices in BC, Alberta, Saskatchewan, Manitoba, Florida and New Delhi. Surespan's affiliated companies are active in bridge building, power and transmission, pile-driving, precast & steel manufacture and installation, crane services, design build, project and construction management, resource road building, structural engineering, land development and forest management.
Additional information about Surespan Construction is available on the company's website at www.surespan.com.
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.
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