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Follow Plutonic on Facebook| Mon Apr 14, 2008 Plutonic Power outlines project development activities to advance the Green Power Corridor in 2008 | |
| Vancouver, BC, April 14, 2008 - Plutonic Power Corporation (PCC - TSX) is pleased to provide an update on its 2008 activities to advance the development of it's Green Power Corridor located in southwestern British Columbia. Construction is underway on the company's flagship project; the 196 MW East Toba River and Montrose Creek project which is being developed by a partnership between Plutonic and GE Energy Financial Services. Funding for the $660 million project was completed in October of 2007, including a $470 million fully amortizing fixed rate 38 year debt facility with a consortium led by GE and Manulife and GE Capital. Construction is being undertaken by Peter Kiewit Sons Co. under a fixed price EPC Contract for $497 million. The project is expected to be online in 2010 and will result in the creation of 250 fulltime jobs over a three year term. Once operational it will generate enough electricity to meet the annual electricity needs of 75,000 homes while offsetting approximately 500,000 tonnes of CO2 emissions. Plutonic Power's Board of Directors has approved a budget of $25 million for 2008 to continue engineering, hydrological and permitting studies for its development projects located in the Toba and Bute Inlet areas. This permitting and feasibility study work is in preparation for the next BC Hydro call for power that is expected to be launched by the fall of 2008. Subject to the terms of the call and the results of First Nations and local community consultation, permitting and feasibility work, Plutonic expects to submit a portfolio of as much as 1100 megawatts (MW) of capacity in this open, competitive process. "As construction continues at the East Toba River/Montrose Creek project, we are concurrently rapidly advancing additional projects in our portfolio in preparation for submission into the BC Hydro call," said Plutonic Power Vice-Chair and CEO, Donald McInnes. "Plutonic is fully committed to expending the required resources to advance our projects through a comprehensive permitting process and to ensure that local communities and First Nations are supportive of the projects. Additionally advanced stage feasibility work will provide Plutonic with a cost and schedule so that an informed competitive bid can be made once the call for tender is underway." "We are excited about the future of green energy in British Columbia" said Bruce Ripley, Plutonic President and COO. "We have an unparalleled opportunity to help British Columbians achieve a broad range of objectives; securing a long term domestic low cost supply of reliable clean energy; advancement of opportunities for our First Nations partners; helping British Columbians reduce greenhouse gas emissions and creating rural economic development opportunities." Plutonic Power has engaged Knight Piesold engineers, Peter Kiewit Sons Ltd. to undertake detailed design, cost and project scheduling planning. For comprehensive project listing and detailed map of site locations, please refer to the attached background document. About Plutonic Power Corporation Plutonic Power's vision is to provide leadership and create a legacy through the development of renewable, reliable, made-in-BC clean energy. Its proposed Green Power Corridor, comprised of 40 facilities, including the flagship $660 million, 196 MW East Toba River/Montrose Creek run-of-river project currently under construction, have the potential to generate enough energy to meet the annual needs of about 630,000 homes and create approximately 5,500 person years of employment. Once built, the Green Power Corridor could offset an estimated 4 million tons of CO2 emissions every year - the equivalent to taking as many as 650,000 vehicles off the road. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all its run-of-river projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goal of becoming electricity self-sufficient by 2016, meet demand utilizing 90% clean domestic generation sources and will play a significant role in the fight against climate change. For additional information please contact: Lisa May Investor Relations Office: 604-669-4999 ext 1034 Cell: 604-314-3362 lisa.may@plutonic.ca |