Vancouver, Canada [HydroWorld.com] Plutonic Power Corporation and GE Energy Financial Services, a unit of GE, have signed a 40-year electricity purchase agreement with BC Hydro for the 124-MW Upper Toba Valley Hydroelectric Project.
“Today’s agreement builds on the already exceptional track record Plutonic Power and its partner GE Energy Financial Services have developed in BC,” said Plutonic Power Corporation’s Vice-Chair and CEO, Donald McInnes. “Upper Toba Valley will be our third successful project, and we are very proud to be delivering shareholder value while contributing to the province’s goal of electricity self-sufficiency.”
The Upper Toba Valley Project, to be located in the Toba Valley 150 kilometers north of Powell River, will consist of two run-of-river hydroelectric facilities: Upper Toba River and Jimmie Creek. The Upper Toba Valley Project will create enough energy for approximately 35,000 homes and will use the same transmission line as Plutonic’s and GE’s East Toba River Montrose Creek Project, which will be completed later this year.
Plutonic recently cut one of three planned run-of-river hydroelectric facilities from its Upper Toba Valley project, the company reported. The decision to trim the project’s design capacity stemmed from talks with BC Hydro that showed capacity constraints on an area transmission line, Plutonic reported.
“This agreement with BC Hydro marks an important next step in the development of the Upper Toba Valley hydro facility, which will expand GE’s renewable energy footprint in Canada, support GE’s ecomagination program and help the British Columbia government meet its aggressive renewable energy targets,” said Mark Tonner, managing director and leader of Canada at GE Energy Financial Services.
Provincial and federal environmental assessments have been issued for the Upper Toba Valley Project. Plutonic Power will now seek to obtain construction permits, licenses and authorizations, project financing, select a construction contractor and finalize a comprehensive resource development agreement with the Klahoose First Nation. Also pending is approval of investment committees and boards of directors.
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