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Helping BC Go for the Gold in Clean - GE Energy Financial Services

By Donna Hughes,2014-04-18 21:45
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Helping BC Go for the Gold in Clean - GE Energy Financial Services

    GOING FOR GOLD IN CLEAN ENERGY: GE, PLUTONIC ADVANCE

    CONSTRUCTION OF BC’s LARGEST PRIVATE WIND, RUN-OF-RIVER PROJECTS

VANCOUVER, BC February 14, 2010 Helping British Columbia ―Go for the Gold‖

    in clean energy, GE Energy Financial Services, a unit of GE (NYSE: GE), and Plutonic

    Power Corporation (TSX: PCC) announced today updates on construction at the 144-

    megawatt Dokie Wind Project and 196-megawatt East Toba River and Montrose Creek

    Hydroelectric Project. Announced during a 2010 Winter Olympic Games briefing today

    at the British Columbia Showcase in Vancouver, these facilities will be British Columbia‘s

    largest independent wind and run-of-river projects and will help the province meet its

    goal of electricity self-sufficiency by 2016 by using 90 percent clean domestic generation

    sources.

Additionally, GE and Plutonic Power are preparing to undertake a feasibility study on the

    expansion of the Dokie Wind Project to 300 megawatts, which would be the largest

    private-sector wind farm built west of Ontario. The partners also are pursuing the Upper

    Toba Valley and Bute Inlet hydroelectric projects in British Columbia.

―GE Energy Financial Services has made all of its Canadian renewable energy

    investments in British Columbia, and is helping the province ‗go for the gold‘ with

    aggressive renewable energy targets and ‗green-collar‘ jobs,‖ said Alex Urquhart,

    president and CEO of GE Energy Financial Services. ―British Columbia has tremendous

    natural resources that are ideal for large-scale renewable energy projects. To realize

    this potential, we encourage the provincial and federal governments, BC Hydro and

    regulatory bodies to work with industry to ensure current and future clean power tenders

    move forward quickly.‖

    Starting the Dokie Wind Project

GE and Plutonic executives celebrated the official start of construction on phase one of

    the Dokie Wind Project during today‘s event. GE and Plutonic jointly contributed and

    arranged C$227.5 million of project equity and debt to finance construction of the project

    which is located 1,100 kilometers northeast of Vancouver. The construction contractor,

    Mortenson, has begun clearing roads to access the site and prepare foundations for the

    wind turbines. The 144-megawatt project is expected to reach commercial operation by

    early next year and provide enough electricity to meet the annual needs of 34,000

    homes and avoid more than 229,000 tonnes of carbon dioxide emissions from fossil fuel

    sources such as a coal plantthe equivalent of taking 44,000 cars off the road. The project is expected to create approximately 200 construction jobs as well as permanent

    employment for operations and ongoing seasonal maintenance requirements.

    - 1 -

    Nearing Completion of Toba Montrose Hydroelectric Project

GE and Plutonic executives also announced that the C$660 million, 196-megawatt East

    Toba River and Montrose Creek Hydroelectric Project, located 190 kilometers northwest

    of Vancouver at the headwaters of the Toba Inlet north of Powell River, is more than 80

    percent complete. The GE-Plutonic partnership has nearly completed installation of

    generators and turbines at the facility, and a new electrical substation at Saltery Bay,

    which will be used to transfer power to British Columbia‘s electricity grid, has been

    energized. The hydro project is expected to be fully operational by the fourth quarter of

    this year, with the potential to power approximately 75,000 homes and displace an

    estimated 455,000 tonnes of greenhouse gases annuallythe equivalent of taking approximately 90,000 cars off the road. Since construction began in July 2007, more

    than 600 construction jobs have been created, with additional permanent jobs for

    operations and ongoing seasonal maintenance requirements.

    First Nations Agreements

The Dokie Wind and Toba Montrose Projects are located in the traditional territories of

    seven First Nations. On behalf of the partnership, Plutonic has worked diligently to

    understand the environmental, economic and social impacts of the projects with the First

    Nations and to build tangible relationships with all seven First Nations partners.

GE and Plutonic successfully concluded comprehensive Memorandums of

    Understanding with the Halfway River First Nations, West Moberly First Nations,

    Saulteau First Nations and the McLeod Lake Indian Band in 2009 for the Dokie Wind

    project. For the Toba Montrose project, comprehensive Impact Benefit Agreements were

    reached with the Klahoose First Nation, Sliammon First Nation and Sechelt Indian Band

    in 2007 and 2008.

―GE and Plutonic are extremely proud of our First Nations partnerships these

    agreements are the foundation for shared prosperity and ensuring that these projects

    are built in a manner respectful of the environment and culture of the First Nations

    involved,‖ said Donald McInnes, CEO of Plutonic Power Corporation.

    Strengthening Government Support of Renewable Energy

The GE-Plutonic partnership has signed contribution agreements with the Government

    of Canada for both the Dokie Wind and Toba Montrose Projects under Canada‘s

    ecoENERGY program. Last month, GE Energy Financial Services published a study

    estimating that renewing the ecoENERGY programwhich has allocated virtually all of its funding for renewable energy projectswould more than pay for itself through tax revenues from the projects‘ income, vendors‘ profits and individual workers‘ wages.

    Click here to access the press release and study.

    - 2 -

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 US$23 billion in assets. GE Energy Financial Services is based in Stamford, Connecticut. For more information, visit www.geenergyfinancialservices.com.

About GE

    GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world‘s toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

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.

Contact:

    Christa Bowers

    GE Energy Financial Services

    Office: 203-961-2934

    Cell: 203-339-1434

Elisha McCallum

    Plutonic Power Corporation Media/Community Relations

    Office: 604-669-4999

    Cell: 604-880-0073

    elisha.mccallum@plutonic.ca

Lisa May

    Plutonic Power Corporation Investor Relations

    Office: 604-669-4999

    Cell: 603-314-3362

    lisa.may@plutonic.ca

    - 3 -

Editor’s Note: Access video and photos showing construction of the Dokie Wind and

    Toba Montrose hydro projects at the following link:

    http://www.plutonic.ca/s/MediaMaterials.asp

    - 4 -

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