GE, Plutonic Power In Talks With BC Hydro

Published: 11-Mar-2010

GE Energy Financial Services and Plutonic Power are in discussions with BC Hydro on an energy purchase agreement for the proposed Upper Toba valley hydroelectric project along British Columbia's southwest coast. BC Hydro intends to award contracts under the Clean Power Call this month.

The Upper Toba valley project has been modified to focus on two run-of-river hydroelectric facilities: upper Toba river and Jimmie Creek, with a total design capacity of 124.3MW. The original proposal included a third hydro facility on Dalgleish Creek, which would have meant a total planned generation capacity of 166MW.

Dalgleish was dropped during discussions with BC Hydro because of concerns about capacity constraints on a transmission line between Saltery Bay and Malaspina. Plutonic Power believes that Dalgleish remains a viable project site should transmission constraints be resolved.

Plutonic Power and GE jointly bid the Upper Toba valley project into BC Hydro's 2008 Clean Power Call in November 2008. In April 2009, the Ministry of Environment and Ministry of Energy, Mines and Petroleum Resources granted the project a provincial environmental assessment certificate.

Donald McInnes, vice-chair and CEO of Plutonic Power, said: "We are pleased with the progress to date on the modified Upper Toba valley project. If successful, this would be Plutonic's and GE Energy Financial Services' third project in BC, reinforcing our ability to deliver quality projects for the benefit of all British Columbians as well as our shareholders.

"In one year, we expect to have two projects on line – the 196MW run-of-river Toba Montrose project and the 144MW Dokie wind project, and if awarded an energy purchase agreement and, if other approvals are secured, to start construction on the Upper Toba project."

In addition to finalizing an energy purchase agreement, completion of the Upper Toba valley project is subject to such conditions as finalization of satisfactory documentation, approval of investment committees and boards of directors and senior debt financing for the projects, and regulatory approvals.

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