VANCOUVER, BC -- February 11, 2010 --- The shíshálh
Nation (Sechelt Indian Band) and Plutonic Power Corporation (TSX: PCC)
announced today that a long-term Impact Benefit Agreement (IBA) has been
signed that will facilitate the potential development of transmission
within shíshálh Traditional Territory for future renewable energy projects.
Plutonic Power Corporation and the shíshálh Nation are
currently parties to an existing IBA for development of the $660
million, 196-megawatt East Toba River and Montrose Creek Hydroelectric
Project. The parties believe that the IBA signed today marks the first
time in B.C.'s history that 2 consecutive agreements have been reached
between a First Nation and a developer in BC's growing renewable energy
"This benefits agreement between the shíshálh Nation and Plutonic Power represents a significant milestone for the shíshálh
Nation. Quality green energy developments, achieved in partnership
with First Nations and respectful of our land, our culture and our
people, represent real economic opportunity and a better tomorrow for
all. We will continue to work constructively and creatively on quality
IPP opportunities throughout our territory, ensuring that we achieve
true partnership and true benefits like we have achieved today with
Plutonic," said shíshálh Nation Chief Garry Feschuk.
With the signing of this agreement, the shíshálh Nation and Plutonic Power have agreed to the terms by which transmission infrastructure will be built in shíshálh traditional territory to support future renewable energy projects.
"We are extremely proud to be signing this agreement today with the shíshálh
Nation -- one of the leading First Nations in BC working on renewable
energy projects," said Rupert Legge, executive vice-president of
Plutonic Power. "We value greatly our working relationship with the shíshálh Nation and we look forward to a future of shared prosperity by working together within the shíshálh Nation's Traditional Territory."
The specific terms of the IBA remain confidential, however the agreement
includes: revenue sharing provisions; job, training and contracting
opportunities; environmental considerations; protection of cultural and
heritage resources; access understandings; signing bonus and innovative
provisions to ensure future transmission access is effectively and
fairly managed in shíshálh Nation Traditional Territories.
About Plutonic Power Corporation
British Columbia based Plutonic Power is a Canadian leader in clean
energy development. Our vision is to create a legacy through the
development of renewable, reliable, clean energy projects. Plutonic is a
partner in 340 megawatts of hydro and wind projects that are under
construction. In 2010 commercial operations will start at the $660
million, 196 megawatt East Toba River and Montrose Creek run-of-river
hydroelectric project. Active construction is also underway on the
$227.5 million, 144 megawatt Dokie Wind Project, diversifying Plutonic
Power's clean energy portfolio. Plutonic 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 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.
Plutonic Power Corporation -- Investor Relations