Proposed projects could meet the energy needs of 40,000 homes
- Three project sites located at Smythe Creek, Stanton Creek and Fissure Creek
- Total design capacity of 121 Megawatts ("MW")
- Expected to generate 383 Gigawatt hours ("GW.h") of renewable energy annually
Vancouver, British Columbia, September 7, 2006 - Plutonic Power
Corporation (PCC -- TSX.V) is pleased to announce that it has
successfully completed Stages 1 and 2 towards securing a Water License
and Crown Land rights from the Integrated Land Management Bureau
(Ministry of Agriculture and Lands) and the Water Stewardship Division
(Ministry of the Environment), for the development of three run-of-river
non-storage hydroelectric power generation projects to be located on
Smythe Creek, Stanton Creek and Fissure Creek, near the headwaters of
Knight Inlet, approximately 200 km North of Powell River, BC.
The Knight Inlet Projects have a design capacity of 121 MW and could be
expected to generate approximately 383 GW.h of green energy per year,
enough energy to meet the needs for approximately 40,000 homes.
Initial studies show that all three creeks have steep sided rock canyons
upstream of the proposed powerhouse locations, which act as fish
barriers, thus minimizing the impact of the projects on local fish
The addition of the three Knight Inlet projects brings the number of development projects in Plutonic's portfolio to 22.
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 22 development projects have a design capacity of
nearly 1000 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 catapult
British Columbia to the forefront of green energy generation in North
America. The completion of the Green Power Corridor would create
approximately 3000 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 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.