Water Power Group completes $1 million equity financing
Toronto, June 15, 2011 – MaRS client Water Power Group LP has successfully completed equity financing of $1 million. This equity financing is in addition to the term sheet it secured for an umbrella $10 million, 40-year term debt as project level financing.
Water Power Group is a community-based developer of small hydro power projects in Ontario that use low-impact, fish-friendly turbines.
As a client of MaRS’ Cleantech Practice, Water Power Group worked with MaRS advisors, in particular Paul Mertes and Tom Rand, to develop its business plan and strategy, as well as secure its investors.
About Water Power Group
Water Power Group (www.waterpowergroup.com) is an Ontario-based private power producer working through joint ventures or cooperatives with local communities and First Nations to develop small, run-of-the river hydroelectric generators. With its community partners, Water Power Group installs fish-friendly turbines at existing dam sites to minimize environmental impact and maximize overall returns. Water Power Group has identified over one thousand potential hydro sites in North America and is currently working with local communities to develop a number of them.
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs to grow and scale their ventures into global market leaders in life sciences and health care, information, communications and entertainment technologies, cleantech, advanced materials and engineering, as well as innovative social purpose businesses.
For more information, please contact:
Chief Financial Officer, Water Power Group
416-673-8100 x. 2240