GE and Plutonic Power resume 300 MW wind project in British Columbia

GE Energy Financial Services, a unit of GE (NYSE: GE), and Plutonic Power Corp (TSX: PCC) have completed their purchase and will resume construction of the 300-MegaWatt Dokie wind project, British Columbia’s largest wind farm.

In a statement, Plutonic said it and GE jointly contributed C$52.5 million to buy the fully permitted project, located 1,100 kilometres northeast of Vancouver, from EarthFirst Canada Inc.

The companies have formed a partnership through which they will construct and operate the project’s first phase, which will have the capacity to generate 144 MW and is expected to reach commercial operation by early 2011. Construction is scheduled to ramp up in January 2010, with most of the work commencing in the spring.

The Manufacturers Life Insurance Company (Manulife) (TSX, NYSE: MFC) led a syndicate that provided C$175 million in project debt for a 20-year term. Energy from the project will be sold to Canadian utility BC Hydro under a 25-year energy purchase agreement. The lending syndicate consists of Manulife, Sun Life Assurance Company of Canada, The Canada Life Assurance Company and Industrial Alliance Insurance and Financial Services Inc.

The Dokie wind project is GE Energy Financial Services’ and Plutonic’s first wind energy investment in Canada and expands their relationship beyond hydroelectric power development. With this investment, GE and Plutonic are jointly developing what will be British Columbia’s largest wind project and largest run-of-river hydro project – the 196-megawatt East Toba River and Montrose Creek run-of-river hydroelectric project – , helping the province meet its goal of electricity self-sufficiency by 2016 by using 90 percent clean domestic generation sources.

GE and Plutonic also have proposed to build two other run-of-river hydroelectric power projects: the 166-megawatt Upper Toba Valley and 1,027-megawatt Bute Inlet project.

Plutonic Power Corporation promotes, supports and develops sustainable, renewable, green energy projects in British Columbia.

Plutonic Power is a green energy company currently developing a suite of non-storage (run-of-river) hydroelectric projects in British Columbia. The company’s flagship project, the 196 Mega-watt East Toba and Montrose project, is currently under construction, with operation to begin in 2010.

Plutonic’s run-of-river projects will be part of the climate change solution, are consistent with the Province of British Columbia Energy Plan, desirable as a source of electrical generation and able to significantly impact BC’s current energy needs. Plutonic is focusing its efforts on an area of southwest coastal BC that has been termed the Green Power Corridor (GPC). This area covers drainages flowing into Toba, Bute and Knight Inlets.

Non-storage (run-of-river) hydroelectric is one of the most environmentally friendly and commercially viable sources of electricity generation available. Click here for a scorecord as to comparable energy technologies and their impacts on the environment.

Our company is committed to continuously work with First Nations, stakeholder groups and local communities in the development of its green energy projects. Plutonic Power Corporation is publicly traded on the Toronto Stock Exchange (TSX) under the symbol PCC.