- Design capacity of 15 Megawatts
- Expected to generate 56 Gigawatt hours of "green" energy annually
- Project capital costs expected to total $26 million
- Hydro electricity to be generated predominantly in winter months
Vancouver, BC - October 28, 2004 - Plutonic Power Corporation (PCC - TSX.V) has successfully completed Stages 1 and 2 towards securing a Water License and Crown Land rights from Land and Water British Columbia, a crown corporation of the Government of British Columbia, for the development of a 15 MW run-of-river hydroelectric power generation project on Rainy River, near Sechelt, British Columbia. Plutonic has also entered into a development and facilitation agreement with Howe Sound Pulp and Paper Limited Partnership ("Howe Sound"), the owners and operators of a pulp and paper mill on Rainy River.
The Rainy River Project has a design capacity of 15 Megawatts ("MW") and is expected to generate 56 Gigawatt hours of green energy per year ("GW.h"), enough energy to meet the needs of 5,600 homes or eleven 20 - 25 story office buildings. Capital costs for the project are expected to be approximately $26 million and, subject to financing and permitting, construction on the project could commence as early as 2005 and would take about 18 months to complete.
Rainy River is a unique opportunity for Plutonic as a run-of-river hydroelectric development company. The pattern of seasonal run-off on Rainy River will enable electricity to be generated predominantly from October to May or during periods deemed to be winter months. The value of this winter energy is greater than that of energy generated in the summer and will enable Plutonic to secure a long-term energy purchase agreement with an energy purchaser located in the Pacific Northwest.
Plutonic Power is an emerging energy producer in British Columbia. Its proposed 16 projects have a design capacity of over 800 MW and the potential to generate approximately 2,800 GW.h per annum of green energy, enough energy to meet the annual energy needs of a city seven times the size of New Westminster. Included in the 16 projects is the creation of the Green Power Corridor, a series of small-scale hydroelectric projects in southwestern BC, which hold the potential to catapult British Columbia to the forefront of green energy generation in North America. Completion of the Green Power Corridor, at an estimated capital cost of $1 billion, would be one of the largest ever single private sector investments ever made in British Columbia and would create over 2,400 person-years of employment.
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
For additional information please contact:
Office: 604-669-4999 ext 1034
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