Alterra Power has agreed to acquire the water rights for four hydroelectric development projects located in British Columbia (Canada) from Sigma Engineering.
The four hydroelectric development projects are: the Chusan, Powell, Eldred North and Eldred South. They are located approximately 20-30 kilometers from Alterra's existing Toba Montrose and Jimmie Creek projects, and are situated along the Toba Montrose transmission line.
Each project is expected to have between 10-15 MW of generation capacity, and could be eligible for power purchase agreements under BC Hydro's Standing Offer Program.
The acquisition is expected to be completed by the end of 2015 and is subject to satisfaction of customary conditions precedent.
Jay Sutton, Alterra's VP of Hydro said,
"Acquiring these projects gives us new expansion options in the Toba Valley where we will be operating nearly 300 MW of renewable generation once the Jimmie Creek project begins operating next summer."