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
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 plant—the 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.
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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 annually—the 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 program—which has allocated virtually all of its funding for renewable energy projects—would 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.
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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.
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.
GE Energy Financial Services
Plutonic Power Corporation – Media/Community Relations
Plutonic Power Corporation – Investor Relations
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Editor’s Note: Access video and photos showing construction of the Dokie Wind and
Toba Montrose hydro projects at the following link:
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