Largest Independent Run-of-River Hydro Project in BC Begins Generating Power

Plutonic Power Corporation and GE Energy Financial Services, a unit of GE, announced that their Toba Montrose General Partnership has commenced selling electricity to BC Hydro under an Electricity Purchase Agreement from power generated by the East Toba River and Montrose Creek hydropower generation facilities.

TMGP has received confirmation from BC Hydro that the hydro project has met its guaranteed commercial operations date commitment under the EPA. Both facilities are now operating at full capacity while their commissioning continues. The Toba Montrose Project will deliver 726,000 megawatt-hours per year, Plutonic reported.

The operation of the facilities comes at the end of nearly a three year construction program and is the first operational clean power project in Canada for Plutonic and GE Energy Financial Services.

“For Plutonic Power, the achievement of commercial operations and sale of electricity from the two Toba Valley facilities marks a significant transformational milestone,” said Donald McInnes, vice chair and chief executive officer of Plutonic Power. “We are extremely grateful to our equity financial partner GE, our First Nations partners, our debt syndicate providers, our customer BC Hydro, our contractor Peter Kiewit Sons Co. and all their subcontractors and the communities that have supported the project.”

The two facilities remain under the control of Peter Kiewit Sons Co., which has constructed the project under a fixed price construction contract. The project will sell all of the power generated from the two facilities to BC Hydro under a 35-year EPA. Substantial completion and handover of the facilities to TMGP is expected by the end of the third quarter after further operator training, testing and other commissioning activities.

Until substantial completion is achieved, revenues from power sales will be credited against the $663 million budgeted capital expenditures. As a bonus for early completion, Peter Kiewit Sons Co. is entitled to a portion of energy sales from the East Toba facility prior to July 1, 2010 and from the Montrose facility prior to November 1, 2010.

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