Renewable Energy Solar Energy Wind Energy Geothermal Energy Bioenergy Hydropower

Plutonic Power To Develop Run-of-River Hydro Projects Worth US $4B

August 15, 2008 | 7 Comments

Do you like this news?

Bookmark

Feed

Vancouver, Canada [RenewableEnergyWorld.com] Plutonic Power Corporation and GE Energy Financial Services have signed a memorandum of understanding to partner on a bid to develop approximately 1,000 megawatts (MW) of clean, run-of-river hydroelectric capacity in the Toba and Bute Inlets along the southwest coast of British Columbia. With approximate capital costs of US $4 billion, the joint investment would be the largest single private sector investment in hydroelectric generation in Canada.

Plutonic Power and GE Energy Financial Services intend to jointly bid the Upper Toba Valley and Bute Inlet Projects into the 2008 BC Hydro Clean Power Call Request for Proposals in November.

Plutonic Power and GE Energy Financial Services intend to jointly bid the Upper Toba Valley and Bute Inlet Projects into the 2008 BC Hydro Clean Power Call Request for Proposals in November. Based on current assumptions, if the two entities’ joint bid is accepted, GE Energy Financial Services intends to make an equity contribution of US $70 million for a 50% interest in the Upper Toba Valley Project and either by itself, or with other partners, an equity contribution of US $650 million for a 60% interest in the Bute Inlet Project.

The Upper Toba Valley Project, a series of three sites with a capacity of approximately 120 MW and the Bute Inlet Project, a series of 18 sites with an approximate capacity of 900 MW, are currently in the permitting and review stages of the Environmental Assessment Process.

Hydropower

7 Reader Comments

Comment
1 of 7

edward-wilhelm-75955

August 15, 2008

Look at the greed of GE . The math just does not work. Hydro seems like a good investment. I don't like seeing this much US money going to Canada.

Comment
2 of 7

carolyn-luce-54460

August 15, 2008

If your want money to come to the US, shouldn't you be happy that the profit that GE makes on this deal from the Canadian electricity rate-payers, will come back to the US in the form of corporate taxes?

Comment
3 of 7

joseph-fournier-149721

August 15, 2008

Regarding Edward's comments about the greed of GE and his disappointment in US money being spent in Canada. I think it is important to emphasize that most of this new capacity from such run of rive hydro plants and the massive wind farm developments in BC will generate electric power for US markets from Washington to California. I fail to see how this is going to be a bad deal for Americans?

Comment
4 of 7

ian-sampson-72933

August 16, 2008

from GE website:
"GE Energy Financial Services' 350 experts invest globally with a long-term view, backed by the best of GE's technical know-how and financial strength, across the capital spectrum and the energy and water industries, to help their customers and GE grow.

With $19 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, invests more than $5 billion annually in two of the world's most capital-intensive industries, energy and water. "

GE is international and profits from its operations internationally. It's not "US money" it's money. It's an investment, a profitable investment.

Comment
5 of 7

david-kaufman-152619

August 20, 2008

While I agree that it would be better to do such projects in the US, keep in mind that the United States government is hostile to alternative energy projects. There is a fight between federal agencies as to who has the right to regulate and they have conflicting regulations. Better to take a viable project off shore where it is appreciated.

Comment
6 of 7

brad-marluke-134778

August 20, 2008

Who cares where the project goes in? The fact is that GE is willing to invest $70 million in a new renewable energy project that is not part of their wind energy devision. This is a risky venture and could end up costing them. I say more power to them! (excuse the pun.) I could care less that it is over the line that we drew in the sand. Mr. Kaufman is totally right when he talks about the Bush administrations blatant disregard for funding or supporting renewable energy projects. In business, if you get the cold shoulder, you go elsewhere. The earth is one planet and we must change the way power is made in order to survive. Nice work GE! Keep up the good work!

Comment
7 of 7

ian-sampson-72933

August 21, 2008

I totally agree with you Brad. One planet, one mind. Let's push for good solutions in every part of the world. (This is renewableenergyWORLD :-)

Add Your Comment

Registered users, please make sure to Sign-In. We and others want to know your ideas and opinions. If you are not yet Registered -- it's quick and easy. Just click below.
Thanks!