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Vancouver-based renewable energy company Alterra Power Corp. has revised the power purchase agreement for its 62 MW Jimmie Creek run-of-river hydroelectric project.

Under the amended agreement, Alterra says the Jimmie Creek project will sell 100% of its power to Canadian utility BC Hydro for 40 years, commencing in August 2016.

In addition, Alterra has agreed to purchase the 49% project stake currently held by an affiliate of General Electric Energy Financial Services. Upon closing of this transaction, Alterra reports that it will own 100% of the Jimmie Creek project.

"Finalizing this agreement with BC Hydro is an important milestone for Jimmie Creek and will support us placing the project into construction in the first half of 2014," says Jay Sutton, Alterra's vice president of hydro operations.

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