Deal refocuses Plutonic's energy on the development of the Green Power Corridor
Vancouver, BC -- February 13, 2008 -- Plutonic Power Corporation
(PCC-TSX) announced today that it has closed a transaction with
Calgary-based AltaGas Income Trust ("AltaGas") (ALA.UN-TSX) for the sale
of the Rainy River and Hope-area run of river development projects, in
an effort to refine its focus on the development of the "Green Power
Corridor" projects in the Toba, Bute and Knight Inlets along the
southwest coast of BC.
"As construction progresses on our East Toba River/Montrose Creek
run-of-river project and as we move towards the development of our Upper
Toba and Bute projects in the Green Power Corridor, with more than
1,000 megawatts (MW), we felt it prudent to focus our efforts on this
undertaking and divest ourselves of our smaller development assets,"
said Donald McInnes, Vice-Chairman and CEO of Plutonic Power. "We do
believe that the Rainy River and Hope projects have significant future
potential and will be a valuable addition to AltaGas' green energy
development portfolio in British Columbia."
The transaction involves the sale of all hydrological and environmental
data and engineering and permitting work completed over the last four
years as well as the water license and attendant land tenure
applications for the projects. Combined, the five projects represent a
potential generating capacity of approximately 50 megawatts.
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 29 development projects, 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