Vancouver, BC, September 20, 2007 - Plutonic Power Corporation (PCC - TSX), together with its partner GE Energy Financial Services, have executed a fixed-price construction contract with Peter Kiewit Sons Co. (Kiewit)
for the construction of the 196 megawatt (MW) Toba Montrose
run-of-river hydroelectric project, which includes the development of
two powerhouses with intakes, penstocks and a corresponding transmission
line. The signing of the approximately $500 million engineering,
procurement and construction (EPC) contract allows Kiewit to move ahead
to the next stages of development after the initial rejuvenation and
construction of forestry roads and bridges to the powerhouse sites that
had begun in July 2007.
"Execution of the EPC contract is a significant milestone for the Toba
Montrose General Partnership as it provides price, date and performance
certainty for our lenders, stakeholders and members of the community,"
said Donald McInnes, President of Plutonic Power. "Kiewit has an
exceptional reputation in building utility scale run-of-river projects
at environmentally sensitive sites. They have an extremely good safety
and on-time track record as well as a history of working well with local
communities and First Nations. We are proud to have Kiewit's skills
and expertise on a project that will help return BC to electricity
self-sufficient status and reduce our reliance on non-renewable imported
"We are pleased to be moving forward with the engineering, procurement
and construction phases of this environmentally safe and commercially
viable run-of-river hydroelectric power project," said Mark Tonner,
Managing Director at GE Energy Financial Services in Canada. "This
investment expands our renewable energy portfolio with one of the most
environmentally friendly energy technologies, aligns with GE's
ecomagination initiative, and helps Plutonic and its customers achieve
their sustainability and economic goals." Ecomagination is GE's
initiative to help its customers meet their environmental challenges
while expanding its own portfolio of cleaner energy products.
"Plutonic has provided leadership in the development of clean, renewable
energy projects in BC by moving this project from concept to reality,
something we are proud to be a part of," said Greg Dixon, Vice President
of Peter Kiewit Sons Co. "Kiewit is working closely with Plutonic, the
local community and its First Nation partners to implement innovative
programs that more closely link the local workforce and local expertise
during the construction phase of the project."
Finalization of the complete financing package from lenders for this
project is scheduled for mid to late October. Commercial operation of
the Toba site is expected by mid 2010 and Montrose by late 2010.
About Plutonic Power Corporation
Plutonic Power is an emerging renewable energy producer in British
Columbia. Its proposed 34 development projects have a design capacity of
approximately 1,700 MW with the potential to generate approximately
5,500 GWh per annum of green energy, enough energy to meet the annual
needs of about 550,000 homes. Included in the 34 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 could create
over 4,500 person years of construction employment.
Plutonic is committed to becoming the pre-eminent supplier of green
energy in British Columbia by working with First Nations, stakeholder
groups and local communities in the development of all its run-of-river
projects. This commitment will help British Columbia realize its goal of
becoming electricity self-sufficient by 2016 and meet demand utilizing
90% clean generation sources.
About GE Energy Financial Services
GE Energy Financial Services' 350 experts invest globally with a
long-term view, backed by the best of GE's technical know-how and
financial strength, across the capital spectrum and the energy and water
industries, to help their customers and GE grow. With $14 billion in
assets, GE Energy Financial Services, based in Stamford, Connecticut,
invests more than $5 billion annually in two of the world's most
capital-intensive industries, energy and water. In renewable energy, GE
Energy Financial Services is growing its portfolio of more than $2
billion in assets in wind, solar, biomass, hydro and geothermal power.
More information: www.geenergyfinancialservices.com.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media
and financial services company focused on solving some of the world's
toughest problems. With products and services ranging from aircraft
engines, power generation, water processing and security technology to
medical imaging, business and consumer financing, media content and
advanced materials, GE serves customers in more than 100 countries and
employs more than 300,000 people worldwide. For more information, visit
For additional information please contact:
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GE Energy Financial Services
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