Vancouver, British Columbia, September 25, 2006 - Plutonic Power
Corporation (PCC - TSX.V) is pleased to announce that the British
Columbia Utilities Commission ("BCUC") has approved the Energy Purchase
Agreements awarded by BC Hydro to Plutonic on its 196 mega-watt (MW)
East Toba/ Montrose project and 15 MW Rainy River project.
"The approval by BCUC marks the final requirement for the execution of
the EPAs by BC Hydro within 30 days of BCUC approval", says Donald
McInnes, president of Plutonic Power. "It also indicates the
government's commitment to the independent power industry in British
Columbia. It is clear that BC Hydro and the BCUC understand the
importance of returning the province to a situation of electrical
self-sufficiency and Plutonic Power is positioned to play a major role
in this endeavour."
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 22 development projects have a design capacity of
nearly 1,000 MW with the potential to generate approximately 3,300 GWh
per annum of green energy - enough energy to meet the annual energy
needs of over 300,000 homes. Included in the 22 projects is the creation
of the Green Power Corridor, a series of non-storage hydroelectric
projects in southwestern BC, which hold the potential to bring British
Columbia to the forefront of green energy generation in North America.
The completion of the Green Power Corridor would create approximately
3,000 person-years of employment.
In July 2006, Plutonic Power was awarded Energy Purchase Agreements from
BC Hydro for its most advanced projects: East Toba River, Montrose
Creek and Rainy River, which combined, total 211 MW of capacity.
Plutonic has granted a Canadian affiliate of GE Energy Financial
Services the exclusive right to provide $100 million of project equity
as well as lead a $400 million debt financing for construction of the
East Toba/Montrose Creek project.
Plutonic is committed to working with First Nations, stakeholder groups
and local communities in the development, future construction and
operation of its run of river projects.
On behalf of the Board of Directors,
PLUTONIC POWER CORPORATION
Donald McInnes, President
For additional information please contact:
Office: 604-669-4999 ext 1034
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release