Alterra provides updates on Jimmie Creek, Tahumming hydropower plants in latest quarterly report

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Quarterly reports released earlier this week by Canadian renewable energy generator Alterra Power Corp. reveal milestones for the company's Jimmie Creek and Tahumming hydropower projects.

According to the report, which examines financial and operating results for the three and six month periods ending June 30, construction of the 62-MW Jimmie Creek plant is ahead of schedule. reported this past September that Alterra (TSX: AXY) had closed a US$100.5 million loan facility to finance the Jimmie Creek project, which will be located on the Toba River Valley near Powell River, B.C.

The project includes a rubber diversion dam, a 3-kilometer-long buried penstock and powerhouse, and two 32.5 MW turbine-generators. Power generated by the run-of-river facility will be sold to BC Hydro under a 40-year deal.

Jimmie Creek is expected to begin generating power in Summer 2016. The plant is a joint venture between Alterra, which owns 51% of the project, and Fiera Axium Infrastructure Inc.

Meanwhile, an agreement signed with the Klahoose First Nation will allow for the development of the 15-MW Tahumming plant. The project will be located near the Jimmie Creek and 234-MW Toba Montrose projects in traditional Klahoose territory.

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