GE, Plutonic advance construction
of BC's largest private wind, run-of-river projects
VANCOUVER, February 14, 2010 - Helping
British Columbia "Go for the Gold" in clean energy, GE Energy
Financial Services, a unit of GE and Plutonic Power
Corporation (TSX: PCC) announced today updates on construction at
the 144-megawatt Dokie Wind Project and 196-megawatt East Toba
River and Montrose Creek Hydroelectric Project.
Announced during a 2010 Winter Olympic Games briefing today at
the British Columbia Showcase in Vancouver, these facilities will be
British Columbia's largest independent wind and run-of-river
projects and will help the province meet its goal of electricity
self-sufficiency by 2016 by using 90 percent clean domestic
generation sources.
Additionally, GE and Plutonic Power are preparing to undertake a
feasibility study on the expansion of the Dokie Wind Project to 300
megawatts, which would be the largest private-sector wind farm
built west of Ontario. The partners also are pursuing the Upper
Toba Valley and Bute Inlet hydroelectric projects in British
Columbia.
"GE Energy Financial Services has made all of its
Canadian renewable energy investments in British Columbia, and is
helping the province 'go for the gold' with aggressive renewable
energy targets and 'green-collar' jobs." Alex Urquhart, president
and CEO of GE Energy Financial Services.
"British Columbia has tremendous natural resources that are
ideal for large-scale renewable energy projects. To realize this
potential, we encourage the provincial and federal governments, BC
Hydro and regulatory bodies to work with industry to ensure current
and future clean power tenders move forward quickly."
Starting the Dokie Wind Project
GE and Plutonic executives celebrated the official start of
construction on phase one of the Dokie Wind Project during today's
event. GE and Plutonic jointly contributed and arranged C$227.5
million of project equity and debt to finance construction of the
project which is located 1,100 kilometers northeast of Vancouver. The construction contractor,
Mortenson, has begun clearing roads to access the site and prepare
foundations for the wind turbines.
The 144-megawatt project is expected to reach commercial
operation by early next year and provide enough electricity to meet
the annual needs of 34,000 homes and avoid more than 229,000 tonnes
of carbon dioxide emissions from fossil fuel sources such as a coal
plant - the equivalent of taking 44,000 cars off the road. The
project is expected to create approximately 200 construction jobs
as well as permanent employment for operations and ongoing seasonal
maintenance requirements.
Nearing Completion of Toba Montrose Hydroelectric Project
GE and Plutonic executives also announced that the C$660 million,
196-megawatt East Toba River and Montrose Creek Hydroelectric
Project, located 190 kilometers northwest of Vancouver at the headwaters of the Toba
Inlet north of Powell River, is more than 80 percent complete. The
GE-Plutonic partnership has nearly completed installation of
generators and turbines at the facility, and a new electrical
substation at Saltery Bay, which will be used to transfer power to
British Columbia's electricity grid, has been energized.
The hydro project is expected to be fully operational by the
fourth quarter of this year, with the potential to power
approximately 75,000 homes and displace an estimated 455,000 tonnes
of greenhouse gases annually - the equivalent of taking
approximately 90,000 cars off the road. Since construction began in
July 2007, more than 600 construction
jobs have been created, with additional permanent jobs for
operations and ongoing seasonal maintenance requirements.
First Nations Agreements
The Dokie Wind and Toba Montrose Projects are located in the
traditional territories of seven First Nations. On behalf of the
partnership, Plutonic has worked diligently to understand the
environmental, economic and social impacts of the projects with the
First Nations and to build tangible relationships with all seven
First Nations partners.
GE and Plutonic successfully concluded comprehensive Memorandums
of Understanding with the Halfway River First Nations, West Moberly
First Nations, Saulteau First Nations and the McLeod Lake Indian
Band in 2009 for the Dokie Wind project. For the Toba Montrose
project, comprehensive Impact Benefit Agreements were reached with
the Klahoose First Nation, Sliammon First Nation and Sechelt Indian
Band in 2007 and 2008.
"GE and Plutonic are extremely proud of our
First Nations partnerships - these agreements are the foundation
for shared prosperity and ensuring that these projects are built in
a manner respectful of the environment and culture of the First
Nations involved." Donald McInnes, CEO of Plutonic Power
Corporation.
Strengthening Government Support of Renewable Energy
The GE-Plutonic partnership has signed contribution agreements with
the Government of Canada for both
the Dokie Wind and Toba Montrose Projects under Canada's ecoENERGY program.
Last month, GE Energy Financial Services published a study
estimating that renewing the ecoENERGY program - which has
allocated virtually all of its funding for renewable energy
projects - would more than pay for itself through tax revenues from
the projects' income, vendors' profits and individual workers'
wages.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally with a
long-term view, backed by the best of GE's technical know-how,
financial strength and rigorous risk management, across the capital
spectrum, in one of the world's most capital-intensive industries,
energy. GE Energy Financial Services helps its customers and GE
grow through new investments, strong partnerships and optimization
of its US$23 billion in assets. GE Energy Financial Services is
based in Stamford, Connecticut. For more information, visit http://www.geenergyfinancialservices.com/.
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and
media company taking on the world's toughest challenges. From
aircraft engines and power generation to financial services,
medical imaging, and television programming, GE operates in more
than 100 countries and employs about 300,000 people worldwide. For
more information, visit the company's Web site at http://www.ge.com/.
About Plutonic Power Corporation
British Columbia based Plutonic Power is a Canadian leader
in clean energy development. Our vision is to create a legacy
through the development of renewable, reliable, clean energy
projects. Plutonic is a partner in 340 megawatts of hydro and wind
projects that are under construction. In 2010 commercial operations
will start at the $660 million, 196
megawatt East Toba River and Montrose Creek run-of-river
hydroelectric project. Active construction is also underway on the
$227.5 million, 144 megawatt Dokie
Wind Project, diversifying Plutonic Power's clean energy
portfolio.