Global power producer Boralex has closed its acquisition of the 22-MW Jamie Creek hydropower project, HydroWorld.com has learned.

The Jamie Creek hydroelectric plant, located near Gold Bridge, British Columbia, was owned by Sequoia Energy Inc. before Boralex announced the acquisition in July.

"Now that we have formalized this acquisition, our team will ensure that a smooth ownership transition is made and will endeavor maintaining the good and strong relationships fostered by Sequoia over the last few years of development," Boralex President and Chief Executive Officer Patrick Lemaire says.

The company says construction is under way and expected to be complete in late 2013.

"Our next immediate goals are to negotiate long-term financing and make sure that the construction of the project stays on schedule until it is suspended for the winter season," Lemaire says.

Jamie Creek will operate under a 40-year power purchase agreement with BC Hydro, which also has rights to a 20-year renewal period.