Plutonic Power Secures the Rights for Three New Run-Of-River
Green Energy Hydropower Projects
Proposed projects could meet the energy
needs of 40,000 homes
Sep 7, 2006 - Plutonic Power Corporation- CCN Mathews
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 7, 2006)
- Plutonic Power Corporation (TSX VENTURE:PCC) -
Project Highlights
- Three project sites located at Smythe Creek, Stanton
Creek and Fissure Creek
- Total design capacity of 121 Megawatts ("MW")
- Expected to generate 383 Gigawatt hours ("GW.h") of renewable
energy annually
Plutonic Power Corporation is pleased to announce that
it has successfully completed Stages 1 and 2 towards securing
a Water License and Crown Land rights from the Integrated
Land Management Bureau (Ministry of Agriculture and Lands)
and the Water Stewardship Division (Ministry of the Environment),
for the development of three run-of-river nonstorage hydroelectric
power generation projects to be located on Smythe Creek,
Stanton Creek and Fissure Creek, near the headwaters of
Knight Inlet, approximately 200 km North of Powell River,
BC.
The Knight Inlet Projects have a design capacity of 121
MW and could be expected to generate approximately 383 GW.h
of green energy per year, enough energy to meet the needs
for approximately 40,000 homes. Initial studies show that
all three creeks have steep sided rock canyons upstream
of the proposed powerhouse locations, which act as fish
barriers, thus minimizing the impact of the projects on
local fish habitat.
The addition of the three Knight Inlet projects brings
the number of development projects in Plutonic's portfolio
to 22.
Plutonic Power is an emerging renewable energy producer
in British Columbia. Its proposed 22 development projects
have a design capacity of nearly 1000 MW with the potential
to generate approximately 3,300 GWh per annum of green energy
- enough energy to meet the annual energy needs of over
300,000 homes. Included in the 22 projects is the creation
of the Green Power Corridor, a series of non-storage hydroelectric
projects in southwestern BC, which hold the potential to
catapult British Columbia to the forefront of green energy
generation in North America. The completion of the Green
Power Corridor would create approximately 3000 person-years
of employment.
In July 2006, Plutonic Power was awarded Energy Purchase
Agreements from BC Hydro for its most advanced projects:
East Toba River, Montrose Creek and Rainy River, which combined,
total 211 MW of capacity. Plutonic has granted a Canadian
affiliate of GE Energy Financial Services the exclusive
right to provide $100 million of project equity as well
as lead a $400 million debt financing for construction of
the East Toba/Montrose Creek project.
Plutonic is committed to working with First Nations, stakeholder
groups and local communities in the development of its run
of river projects.
On behalf of the Board of Directors,
PLUTONIC POWER CORPORATION
Donald McInnes, President
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
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