EastBank Capital has formed a partnership with a New Mexico Water Development Company.
Online PR News – 06-April-2013 – New York, NY – EB Capital, LLC (“EastBank Capital”) announced today that it has formed a business partnership with a privately held Water Development Company (“Company”) in order to supply water to municipalities in New Mexico. EastBank Capital has issued and reached a mutually agreed Letter of Agreement for a Commercial Finance Loan of Ten Million Dollars (“Loan”) to the Company. The total round of funding needed for the development could exceed over $300 million and potentially supply water for New Mexico and Texas.
The Company is a privately held Water Development Company that has significant experience in developing and completing water and power projects. The Company also has serious interest from a publicly traded technology company, planning for expansion of its facilities in New Mexico.
According to the Company’s prospectus, the population has outgrown the current water supplies and in order for the area to continue to function, more water has to be imported to these areas. Based on several studies by several independent groups, at current growth rates, the needs for the area will increase by an additional 35,000 perpetual acre-feet of water annually over the next 15 years.
About EastBank Capital:
EastBank Capital is a leading international private firm offering Project Finance Loans to clients throughout the world with more than 20 years of combined experience. EastBank Capital’s executives meet the needs of its clients by offering a highly integrated and collaborative range of expertise across key business sectors throughout its global network. EastBank Capital’s integrated practice is underpinned by its team members’ acknowledged expertise and a strong tradition of innovation and client service.
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