Alterra has agreed to purchase the 49% stake in the 62MW Jimmie Creek project owned by an affiliate of General Electric Energy Financial Services, giving it full ownership of the Canadian run-of-river hydroelectric scheme.
The company also announced that, following an amendment of its power purchase agreement, the project will sell 100% of its power to BC Hydro for 40 years commencing in August 2016.
"Finalizing this agreement with BC Hydro is an important milestone for Jimmie Creek, and will support us placing the project into construction in the first half of 2014," said Alterra's Vice President of Hydro Operations Jay Sutton. "Completing this project will further establish Alterra as a leading hydroelectric producer in British Columbia and complement our growing wind, solar and geothermal operations."
