VANCOUVER—Alterra Power Corp. and Fiera Axium Infrastructure Inc. have completed financing for a 62-megawatt hydroelectric project they are building in British Columbia, according to Alterra.
The company said in a statement that a $176.5-million non-recourse loan has been completed for the Jimmie Creek hydro plant to be built in southwestern B.C.
The project has a total price tag of about $227 million, according to Alterra.
“We are pleased to complete the Jimmie Creek financing, which locks in low-cost capital for this project for the next 42 years,” Alterra CEO John Carson said in a statement.
“Construction is proceeding well on this next leg of our growth plan, and we are on track to have the project delivering clean power to British Columbia in mid-2016, as planned.”
Once complete, 100 per cent of the power produced at Jimmie Creek will be sold to BC Hydro under a 40-year power purchase agreement.
Alterra and Fiera Axium own 51 per cent and 49 per cent of the project, respectively.
The companies announced plans to build the project in April.
SNC-Lavalin Inc. was awarded a $30.5-million contract for engineering, procurement and construction management of the project in July.