Vancouver, BC, April 14, 2008 - Plutonic Power Corporation (PCC -
TSX) is pleased to provide an update on its 2008 activities to advance
the development of it's Green Power Corridor located in southwestern
Construction is underway on the company's flagship project; the 196 MW
East Toba River and Montrose Creek project which is being developed by a
partnership between Plutonic and GE Energy Financial Services. Funding
for the $660 million project was completed in October of 2007,
including a $470 million fully amortizing fixed rate 38 year debt
facility with a consortium led by GE and Manulife and GE Capital.
Construction is being undertaken by Peter Kiewit Sons Co. under a fixed
price EPC Contract for $497 million. The project is expected to be
online in 2010 and will result in the creation of 250 fulltime jobs over
a three year term. Once operational it will generate enough
electricity to meet the annual electricity needs of 75,000 homes while
offsetting approximately 500,000 tonnes of CO2 emissions.
Plutonic Power's Board of Directors has approved a budget of $25 million
for 2008 to continue engineering, hydrological and permitting studies
for its development projects located in the Toba and Bute Inlet areas.
This permitting and feasibility study work is in preparation for the
next BC Hydro call for power that is expected to be launched by the fall
of 2008. Subject to the terms of the call and the results of First
Nations and local community consultation, permitting and feasibility
work, Plutonic expects to submit a portfolio of as much as 1100
megawatts (MW) of capacity in this open, competitive process.
"As construction continues at the East Toba River/Montrose Creek
project, we are concurrently rapidly advancing additional projects in
our portfolio in preparation for submission into the BC Hydro call,"
said Plutonic Power Vice-Chair and CEO, Donald McInnes. "Plutonic is
fully committed to expending the required resources to advance our
projects through a comprehensive permitting process and to ensure that
local communities and First Nations are supportive of the projects.
Additionally advanced stage feasibility work will provide Plutonic with a
cost and schedule so that an informed competitive bid can be made once
the call for tender is underway."
"We are excited about the future of green energy in British Columbia"
said Bruce Ripley, Plutonic President and COO. "We have an unparalleled
opportunity to help British Columbians achieve a broad range of
objectives; securing a long term domestic low cost supply of reliable
clean energy; advancement of opportunities for our First Nations
partners; helping British Columbians reduce greenhouse gas emissions and
creating rural economic development opportunities."
Plutonic Power has engaged Knight Piesold engineers, Peter Kiewit Sons
Ltd. to undertake detailed design, cost and project scheduling planning.
For comprehensive project listing and detailed map of site locations, please refer to the attached background document.
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 40 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
630,000 homes and create approximately 5,500 person years of employment.
Once built, the Green Power Corridor could offset an estimated 4
million tons of CO2 emissions every year - the equivalent to taking as
many as 650,000 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
Plutonic Power's Green Power Corridor
The Green Power Corridor is a suite of 24 actively advancing generation
sites that Plutonic Power has either successfully obtained or has made
an application for a water license and corresponding land tenures.
Sixteen other sites with potential are also included in this area that
are currently being evaluated for future consideration, for a total site
portfolio of 40.
East Toba River and Montrose Creek Project
The East Toba River and Montrose Creek Project consists of two
run-of-river sites, totaling 196 megawatts (MW), generating 745 GWh,
which is enough energy for about 75,000 homes. With a long-term energy
purchase agreement in place from the 2006 BC Hydro Call for Power, this
project has been under construction since July 2007, with the
expectation that the permanent camp site will be reached by late spring
2008. Commercial operation for these projects is 2010.
The Upper Toba project
The Upper Toba Project consists of three-run-of river sites, totaling
133 MW, generating 466 GWh, which is enough electricity for about 45,000
homes. Plutonic has entered the project into the BC Environmental
Assessment process and is expected to submit a formal Application to the
BCEAO this spring. Detailed costing and engineering work is underway,
in addition, public consultation through the EAO process and community
outreach is ongoing, including with First Nations communities, on whose
traditional territory the projects will be located. Plutonic intends to
bid the Upper Toba Project into the BC Hydro Clean Power Call later this
The Bute Project
The Bute Project consists of eighteen run-of-river development sites,
totaling 914 MW, generating 2980 GWh, which is enough electricity for
nearly 300,000 homes. The Bute Project is expected to formally enter
the BC Environmental Assessment (EAO) / Canadian Environmental
Assessment Act (CEAA) permitting process this spring. Hydrology
studies, engineering and project costing activities are ongoing on this
series of sites, in addition to community outreach in Campbell River and
consultation with First Nations communities on whose traditional
territory the projects and supporting infrastructure may be located.
Additional hydrology and studies to determine economics on the Bute
sites will guide Plutonic's decision on what projects to bid into the
Clean Power Call.
Freda Creek Project
The Freda Creek project is a single facility, with the capacity of 36
MW, generating 115 GWh which is enough electricity for about 12,000
homes. Hydrology and environmental studies are ongoing for this site,
and preliminary design and costing are complete. Plutonic has also
started community consultation and First Nation consultation on this
project. Freda Creek is also being evaluated for its potential to be
submitted into the call process.