Vancouver, BC - July 27, 2009 - GE Energy Financial Services and
Plutonic Power Corporation (TSX: PCC) have been granted court approval
for an extension to August 5 of the due-diligence period for the
partners' review of the purchase of the Dokie Ridge Wind Project
currently owned by EarthFirst Canada Inc., located 1,100 kilometres
northeast of Vancouver, near Chetwynd. The previous period for removal
of due-diligence conditions would have expired on July 20.
While significant positive progress has been made in addressing key
matters, the partners require additional time to complete the remaining
due-diligence and financing requirements.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally with a long-term
view, backed by the best of GE's technical know-how, financial strength
and rigorous risk management, across the capital spectrum, in one of the
world's most capital-intensive industries, energy. GE Energy Financial
Services helps its customers and GE grow through new investments, strong
partnerships and optimization of its more than US$22 billion in assets.
In renewable energy, GE Energy Financial Services is growing its
portfolio of more than US$4 billion in assets in wind, solar, biomass,
hydro and geothermal power. GE Energy Financial Services is based in
Stamford, Connecticut. For more information, visit www.geenergyfinancialservices.com.
GE (NYSE: GE) is a diversified global infrastructure, finance and media
company that is built to meet essential world needs. From energy, water,
transportation and health to access to money and information, GE serves
customers in more than 100 countries and employs more than 300,000
people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.
About Plutonic Power Corporation
Plutonic Power's vision is to provide leadership and create a legacy
through the development of renewable, reliable, clean energy projects.
Its proposed Green Power CorridorTM, comprised of 42
generation facilities, could have the capacity to meet the annual energy
needs of about 660,000 homes and offset more than 4.4 million tons of
CO2 emissions every year -- the equivalent of taking more than 850,000
cars off the road. Build out of the Green Power Corridor(tm), including
the current construction of the $660 million, 196 megawatt East Toba
River and Montrose Creek run-of-river hydroelectric project, could
create approximately 6,500 person-years of employment. Plutonic Power is
committed to working in partnership with First Nations, stakeholder
groups and local communities in the development of all of its projects.
By developing its suite of projects, Plutonic Power will help British
Columbia realize its goal of becoming electricity self-sufficient by
2016 utilizing 90% clean domestic generation sources, will create
employment opportunities and will play a significant role in the fight
against climate change.
GE Energy Financial Services
Office: 604-669-4999 ext 1034