Contact decided to sell properties in the Beaumont, Tuapeka, Millers Flat and Raes Junction areas, with an original rateable value of about $11 million, in 2014.
Contact generation and development project manager Neil Gillespie said 25 properties had been sold so far.
The total land area sold was about 3000ha and prices fetched were in line with market values.
"The vast majority were sold to parties who were leasing the land or to previous owners,'' Mr Gillespie said.
The 36 other farming, rural lifestyle and residential properties around Millers Flat would be sold on the open market.
A proposal developed more than 20 years ago by Contact's predecessor, the Electricity Corporation of New Zealand, was for dams on the upper and lower Clutha area, including four hydro-development options at Tuapeka Mouth, Beaumont, Queensberry and Luggate.
However, Contact confirmed it had changed tack in May 2012, and had scrapped the plans, which meant landholdings in the Upper Clutha were no longer needed for hydro-electric development.
Contact inherited 21 properties along the Clutha River, upstream of Lake Dunstan, from the Electricity Corporation of New Zealand in the late 1990s.
The Beaumont Hotel was one acquisition recently sold to the lessees at the time, Alison Mills and Gunnar Egilsson, in early December.
