Elemental Energy closes project financing for 16 MW hydroelectric project
Travelers Capital Corporation has successfully arranged CAD$61 million of non-recourse project financing for Box Canyon Hydro Corporation (BCHC), an affiliate of Elemental Energy Inc. which owns the 16 MW run-of-river hydro project located approximately 10.5 km northeast of Port Mellon, British Columbia, Canada.
The project was developed by Elemental Energy, a Vancouver based renewable energy investor and developer and Sound Energy Inc. The project will use the waters of Box Canyon Creek, Marty Creek and Cascara Creek to generate and sell 100% of their output to British Columbia Hydro and Power Authority under a 40-year electricity purchase agreement.
The non-recourse project financing was structured and arranged by Travelers Capital Corporation (TCC), acting as loan agent and security agent, and was funded by Industrial Alliance Insurance and Financial Services Inc. and Desjardins Financial Security Life Assurance Company.
Mark Bohn, Managing Partner of Travelers Capital Corporation, stated:
Travelers Capital is delighted to have been selected to arrange the construction and long term financing for this unique project and support our client's long term vision in the renewable energy sector with their first hydro project investment in Canada.
Jamie Houssian, Principal of Elemental Energy Inc., commented:
With Box Canyon reaching financial close and entering the construction phase, Elemental Energy has taken an important step towards our vision of building a strong portfolio of renewable energy projects.
Country news
-
-
August 27, 2014
Elemental Energy announces financial close for 11.2MW Community Wind Portfolio in Nova Scotia
Elemental Energy Inc. and its community partners, Watts Wind Energy Inc. and Katalyst Wind Inc., have closed non-recourse construction and term debt financing for the 11.2 MW Watts Wind II Limited Partnership portfolio of wind projects in Nova Scotia. Read more -
September 02, 2014
Altagas to develop LNG facilities in Dawson Creek
AltaGas is moving forward to develop several small-scale liquefied natural gas (LNG) facilities after the Dawson Creek city council approved the development permit for one of the LNG facilities. Read more -
September 03, 2014
Invenergy completes project financing for Le Plateau 2 wind farm
Invenergy Wind LLC has arranged project financing for its 21.15 MW Le Plateau 2 wind farm, which currently is under construction in Québec, Canada. Read more -
September 04, 2014
AMP Capital invests in portfolio of renewable assets across Canada and the United States
AMP Capital's Infrastructure Debt Fund II has arranged and structured a C$110 million subordinated loan for Alterra Power Corporation, a leading global renewable energy company headquartered in British Columbia. Read more -
September 08, 2014
InstarAGF raises $210 million for midstream oil and gas fund in Canada
InstarAGF Asset Management Inc., an independent alternative asset management firm, last week announced that Stream Asset Financial Limited Partnership, a midstream oil and gas infrastructure fund, has achieved its final close. The fund was oversubscribed with equity commitments of approximately $210 million. Read more
