Vancouver, BC -- March 3, 2008 -- The Sechelt First Nation and
Plutonic Power Corporation (PCC-TSX) announced today that a long-term
Impact Benefit Agreement (IBA) has been signed that facilitates the
development of transmission infrastructure and the Saltery Bay
substation within Sechelt Traditional Territory as part of the $660
million, 196 megawatt (MW) East Toba River/Montrose Creek run-of-river
hydroelectric project. The agreement also outlines how the parties will
work together on future project development. With the signing of this
agreement, the Sechelt First Nation, Chief and Council have given their
support for the project.
The specific terms of the IBA remain confidential, however the Agreement includes:
"We are honoured and pleased to reach an agreement with Plutonic Power.
Having Plutonic respect our rights and title while developing their
project in our territory is a great accomplishment, as is negotiating
benefits and opportunities for our Nation which we will benefit from
for years to come," said Sechelt First Nation Chief Marita Paul-Franke.
- Ongoing respect by Plutonic Power and its affiliated companies for
asserted rights and title of the Sechelt First Nation in the area where
the transmission line and substation will be located in Traditional
- Annual payments to the Sechelt for the life of the project
- Employment and training opportunities for Sechelt members
- Opportunities for Sechelt-owned companies in the clearing and construction of the substation
- A framework for partnerships on future development opportunities/projects
"Signing the IBA solidifies our long-term partnership with the Sechelt
First Nation and we are truly grateful for their support of the
development of the East Toba River/Montrose Creek run-of-river project,"
said Donald McInnes, Vice-Chairman and CEO of Plutonic. "Through this
agreement we hope not only to enable and empower the Sechelt community
through training and employment but we also hope to build a legacy of
renewable, reliable, made-in-BC clean energy for the next generation of
Sechelt to share with the people of BC - energy that reduces our
reliance on non-renewable imported power."
The East Toba River/Montrose Creek run-of-river project is located in
the Klahoose Traditional Territory 130 kilometres north of Powell River
and will include 145 kilometres of transmission line that runs through
the Sliammon and Sechelt Traditional Territories for interconnection to
the BC Hydro grid at Saltery Bay.
About Plutonic Power Corporation
Plutonic Power's vision is to provide leadership and create a legacy
through the development of renewable, reliable, made-in-BC clean energy.
Its proposed Green Power Corridor, comprised of 29 facilities,
including the flagship $660 million, 196 MW East Toba River/Montrose
Creek run-of-river project currently under construction, have the
potential to generate enough energy to meet the annual needs of about
530,000 homes and create approximately 5,000 person years of employment.
Once the built, the Green Power Corridor could offset an estimated 3.5
million tons of CO2 emissions every year - the equivalent to taking as
many as 600,000 vehicles off the road. Plutonic is committed to working
in partnership with First Nations, stakeholder groups and local
communities in the development of all its run-of-river projects. By
developing its suite of projects, Plutonic Power will help British
Columbia realize its goal of becoming electricity self-sufficient by
2016, meet demand utilizing 90% clean domestic generation sources and
will play a significant role in the fight against climate change.
For additional information please contact:
Office: 604-669-4999 ext 1034