Plutonic Power Corporation

Plutonic Power Corporation

April 07, 2009 05:00 ET

Plutonic Power Corporation: Environmental Assessment Certificate Granted for Upper Toba Valley Run-Of-River Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2009) - Plutonic Power Corporation's (TSX:PCC) subsidiary Upper Toba Hydro Inc. is pleased to announce that it has been granted a Provincial Environmental Assessment (EA) Certificate from the Ministry of Environment and Ministry of Energy, Mines and Petroleum Resources for the Upper Toba Valley Hydroelectric Project. The Project is comprised of three run-of-river facilities respectively located on the Upper Toba River, Jimmie Creek and Dalgleish Creek, all of which are in the Toba Valley 150 kilometers north of Powell River, BC.

The granting of the Certificate represents a successful conclusion to a comprehensive environmental assessment process that has involved significant consultation with government agencies, public stakeholders and the Klahoose First Nation. The Project will result in a relatively small footprint by leveraging the existing infrastructure and utilizing the same transmission line for the 196 MW East Toba River Montrose Creek project, which is currently under construction in the Toba Valley by Plutonic Power and its investment partner GE Energy Financial Services.

"The Upper Toba Valley Project will provide green employment opportunities during the construction phase and further significant local purchasing and community benefit for the Sunshine Coast area, building on the relationships we have already established for the Toba Montrose Project, while helping address the bigger issue of climate change," said Plutonic Power Vice-Chair and CEO Donald McInnes.

The Upper Toba Valley Project was jointly bid by Plutonic Power Corporation and GE Energy Financial Services into BC Hydro's 2008 Call for Power in November 2008 and has the capacity to generate up to 166 MW of green energy.

Plutonic Power has received a letter of support from the Klahoose First Nation on whose traditional territory the project is located. Plutonic and the Klahoose are working towards finalizing an Impact and Benefit Agreement for the project.

McInnes added: "Plutonic Power is now in a position to work towards finalizing the necessary provincial and federal permits and authorizations required to move into the construction phase of the project, if we are successful in securing an electricity purchase agreement with BC Hydro."

The provincial EA certificate contains 52 commitments Plutonic must implement throughout various stages of the project. Key commitments include the following:

- Maintaining sufficient in-stream flows to protect fish and fish habitat.

- Avoiding breeding birds, nesting habitats and mountain goat winter habitat.

- Developing a grizzly bear monitoring plan to the satisfaction of the Ministry of Environment.

- Developing mitigation, compensation and monitoring plans in consultation with regulatory agencies.

More information on the Environmental Certificate can be found at

About Plutonic Power Corporation

Plutonic Power's vision is to provide leadership and create a legacy through the development of renewable, reliable, clean energy. Its proposed Green Power Corridor™, comprised of 35 locations, not including the flagship $660 million, 196 MW East Toba River/Montrose Creek run-of-river project currently under construction, have the design capacity 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 Power is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all of its run-of-river projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goals 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.

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.

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

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