Alterra, Fiera announce partnership for Canada's 62-MW Jimmie Creek hydropower project

British Columbia Map

The Alterra Power Corp. and Fiera Axium Infrastructure Inc. have announced a partnership agreement for the ownership and construction of the 62-MW Jimmie Creek hydroelectric plant.

Under the deal, Alterra (TSX: AXY) will own 51% of the project, while Fiera will own the remainder through a managed fund.

HydroWorld.com reported this past November that Alterra had assumed 100% ownership of the project from General Electric, after signing development agreements with the Klahoose First Nation for its construction in May 2012.

Construction is currently under way with an expected completion date in August 2016.

"We are delighted to add another hydropower project to our diversified fund portfolio," Fiera executive Dominic Chalifoux said.

All power generated by Jimmie Creek will be sold to BC Hydro under a 40-year contract.

Financial closing for the deal is expected later this quarter.

For more Canadian news, visit here.

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