In addition, the company has completed an amendment to power purchase agreement for the project.

According to the contract, the project will supply 100% of its output to BC Hydro and Power Authority for 40 years beginning in August 2016.

Alterra hydro operations vice president Jay Sutton said the power purchase agreement is a key milestone for Jimmie Creek, and will support the company in placing the project into construction in the first half of 2014.

"Completing this project will further establish Alterra as a leading hydroelectric producer in British Columbia and complement our growing wind, solar and geothermal operations," Sutton added.

The transaction is likely to be closed by December 2013.

The Jimmie Creek project is one of the two new run-of-river hydro power plants of the broader Upper Toba run-of-river hydro power project.