Alterra Power Corp. and Fiera Axium Infrastructure Inc. have completed a partnership agreement for the Jimmie Creek hydroelectric project. Under the agreement Alterra will own 51% of the project and Fiera Axium Infrastructure Canada II LP will own 49%.
The Jimmie Creek project will provide 62 MW of clean power capacity to southwest British Columbia and will sell 100% of its power to BC Hydro for 40 years beginning in August 2016. Construction activities have begun at the site, and the partners expect to complete financial closing for the project later this quarter.
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.
Alterra's VP of Project Finance, Jon Schintler said:
"We're excited to partner with Fiera Axium Infrastructure on this important project, and we now look forward to completing financial arrangements and finishing construction together."
Dominic Chalifoux, Vice President and Senior Asset Operations Director of Fiera Axium Infrastructure Inc., said:
"We are delighted to add another hydro power project to our diversified Fund portfolio."
Alterra Power Corp. is a global renewable energy company, operating six power plants totaling 568 MW of generation capacity, including British Columbia's largest run-of-river hydro facility and largest wind farm, two geothermal facilities in Iceland, and a geothermal plant in Nevada. Alterra owns a 262 MW share of this capacity, generating approximately 1,300 GWh of clean power annually.
Fiera Axium Infrastructure Inc. is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Fiera Axium manages dedicated infrastructure funds having in excess of $970 million in assets under management.
Managed by Fiera Axium Infrastructure Inc., Fiera Axium Infrastructure Canada II L.P. is an open-ended infrastructure fund focused on direct investment in both operational and greenfield development opportunities.