TORONTO, Aug. 30, 2011 /PRNewswire/ – Riverbank Power, a developer of pumped
hydro storage and run-of-river generation assets, announced today that
it has acquired a 60% ownership interest in the 64 MW “La Virgen”
run-of-river hydro generation development project located approximately
200 kilometers east of Lima in the Junin Region, Chanchamayo Province
in Peru. The project is expected to be commissioned in 2014. Riverbank
Power’s partner in the project is Peruana De Energía S.A.A (Peren ).

“The opportunity to invest alongside a proven hydro developer such as
Fernando Arias and his son Alvaro, the principals of Peren , is a
tremendous step forward for Riverbank. La Virgen is essentially ready
to build and we are now working to project finance it,” commented John
Douglas, President and CEO of Riverbank. “Our strategy in South America
is to focus on construction ready run-of-river hydro projects with
proven developers. La Virgen is the first of many such projects we hope
to invest in over the next few years.”

“We selected Riverbank over others because of their development focus
and strong shareholder base,” Fernando Arias, President of Peren
commented. “Peru needs more energy and La Virgen represents an ideal
low impact project that can fulfill this growing demand. We are working
hard with local stakeholders to ensure that development proceeds in a
responsible and sustainable manner.”

More about Riverbank Power

Founded in 2007 and based in Toronto, Canada, Riverbank Power is a
developer, constructor and operator of run-of-river and pumped storage
hydro generation facilities in North and South America. With offices
located in Portland, Oregon, Bend, Oregon, Logan, Utah, Rigby, Idaho,
Toronto, Canada and Lima, Peru, Riverbank is well positioned to become
a market leader in hydropower in North and South America. Riverbank’s
combined development capacity of 1,100 MW of run-of-river and over
10,000 MW of pumped storage hydro generation projects represents the
largest hydro development pipeline in the World.

Additional information on Riverbank Power is available on the Company’s
website at www.riverbankpower.com.

More about Peruana De Energia S.A.A. (“Peren “)

Peren started operations in 1996 and its main objective is to promote
the development and execution of hydroelectric power projects. Peren
has its shares listed in the Lima Stock Exchange and participates in
the hydroelectric power stations Chimay and Yanango.

Additional information on Peren is available on the Company’s website
at www.perenesa.com.pe.

SOURCE Riverbank Power Inc.