Company poised to become the largest independent renewable power developer in BC
Vancouver, BC - August 30, 2006 - Plutonic Power Corporation has
signed two Energy Purchase Agreements with BC Hydro for the supply of
approximately 752 gigawatt hours (GW.h) of electricity per year to BC
Hydro over a 35 year term. The EPAs are for the delivery of energy from
the East Toba River/Montrose Creek and Rainy River Projects. The
company has also posted a $12.66 million Performance Security letter of
credit required to execute the EPAs.
The two run-of-river hydroelectric projects (the East Toba River and
Montrose Creek Project and Rainy River Project) have total design
capacity of 211 megawatts (MW). Combined, the projects have an estimated
capital cost of $500 million and will create over 300 full-time jobs
over a three-year construction period. This represents the largest
private sector renewable energy investment in the history of British
Columbia, with the potential to generate approximately $60 - 70 million
annually in revenue for Plutonic Power.
The 196 MW East Toba River and Montrose Creek Project is located at the
headwaters of the Toba Inlet north of Powell River, British Columbia and
is expected to produce enough electricity to meet the annual energy
needs of over 75,000 homes. The 15 MW Rainy River Project is located in
Howe Sound, 10 km north of Vancouver, and could produce enough
electricity for over 5,000 homes.
About Plutonic Power Corporation
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 19 projects have a design capacity of over 870 MW
and the potential to generate approximately 2,900 GWh per annum of
green energy - enough energy to meet the annual energy needs of
approximately 300,000 homes. Included in the 19 projects is the creation
of the Green Power Corridor, a series of non-storage hydroelectric
projects in southwestern BC, which hold the potential to catapult
British Columbia to the forefront of green energy generation in North
America. The completion of the Green Power Corridor would create over
2,400 person-years of employment.
On behalf of the Board of Directors
PLUTONIC POWER CORPORATION
Donald McInnes, President
Office: 604-669-4999 ext 1034
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