Plutonic Power and GE Achieve Commercial Operations at British Columbia's Largest Wind Farm
VANCOUVER, BC - March 2, 2011 - Plutonic Power Corporation (TSX: PCC) and GE Energy Financial Services, a unit of GE (NYSE: GE), have achieved commercial operations at their second major renewable energy project, British Columbia's largest wind farm, a major milestone in their growth collaboration. The Dokie Wind project is now fully operational, providing clean energy to BC Hydro under a 25-year Electricity Purchase Agreement (EPA). Plutonic's and GE's Dokie General Partnership has received confirmation from BC Hydro that the project has achieved commercial operations as of February 16, 2011, thereby meeting its guaranteed commercial operation date commitment under the EPA.
During 13 months of construction, GE and managing partner Plutonic oversaw erection of 43 wind turbines, construction of an electric substation, installation of seven kilometres of transmission lines, and created more than 200 construction and permanent jobs to finish the C$228 million project - Plutonic's and GE Energy Financial Services' first Canadian wind farm. The project is located 1,100 kilometres northeast of Vancouver near Chetwynd in the foothills of the Canadian Rocky Mountains, an area with world-class wind speeds.
"The now fully operational Dokie Wind project represents an important new growth platform for us and a significant milestone in the Plutonic-GE partnership," said Donald McInnes, Vice-Chairman and CEO of Plutonic Power. "We thank the West Moberly First Nations, Halfway River First Nation, Saulteau First Nations and McLeod Lake Indian Band for their collaboration, and gratefully acknowledge the dedication and effort demonstrated by all the men and women involved in the construction of the Dokie Wind farm."
The Dokie Wind project is capable of generating 320,000-340,000 MWh per year - enough energy to power about 34,000 homes. The project helps British Columbia reach its goal of meeting growing energy needs through the development and use of clean or renewable electricity. In November 2010, the companies began operation of their East Toba River and Montrose Creek project, British Columbia's largest run-of-river hydroelectric power plant.
"By combining GE's experience as an energy investor and Plutonic's development skills, and by consistently reaching out to impacted stakeholders, we were able to turn a once-challenged project into what is now British Columbia's largest operating wind farm," said Mark Tonner, Managing Director and leader of Canada at GE Energy Financial Services.
The Dokie General Partnership has met all of the precedent conditions contained under the ecoEnergy Renewable Power program. Accordingly, the Dokie General Partnership expects to receive the $10/MWh grant on all energy sales starting February 9, 2011 for a ten year period.
About Plutonic Power Corporation
Plutonic Power identifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Power strives to be a Canadian-based leader in clean power. For more information, visit www.plutonic.ca.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally across the capital spectrum in essential, long-lived and capital-intensive energy assets that meet the world's energy needs. In addition to capital, GE Energy Financial Services offers the best of GE's technical know-how, technology innovation, financial strength and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships and optimization of its US$21 billion in assets. For more information, visit http://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, health care solutions, 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 http://www.ge.com.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.