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

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. 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.

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