Renewable energy firm Alterra Power and Fiera Axium Infrastructure have formed a partnership to construct a 62MW hydroelectric plant in southwest British Columbia, Canada.

Both the firms have signed a partnership agreement for the Jimmie Creek hydroelectric project that will sell 100% of its power to BC Hydro under a 40-year power purchase agreement starting in August 2016.

Alterra will own 51% interest of the project while Fiera will own the remaining 49% stake.

Construction is already underway at the site, and the partners anticipate to complete financial closing for the project later this quarter.

Alterra Power VP of project finance Jon Schintler said, "We’re excited to partner with Fiera Axium on this important project, and we now look forward to completing financial arrangements and finishing construction together."

Alterra operates six power plants totaling 568MW 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.

The company owns a 262MW share of this capacity, generating about 1,300 GWh of power a year.