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Deal refocuses Plutonic's energy on the development of the Green Power Corridor
Vancouver, BC -- February 13, 2008 -- Plutonic Power Corporation announced today that it has closed a transaction with Calgary-based AltaGas Income Trust ("AltaGas") for the sale of the Rainy River and Hope-area run of river development projects, in an effort to refine its focus on the development of the "Green Power Corridor" projects in the Toba, Bute and Knight Inlets along the southwest coast of BC.
"As construction progresses on our East Toba River/Montrose Creek run-of-river project and as we move towards the development of our Upper Toba and Bute projects in the Green Power Corridor, with more than 1,000 megawatts (MW), we felt it prudent to focus our efforts on this undertaking and divest ourselves of our smaller development assets," said Donald McInnes, Vice-Chairman and CEO of Plutonic Power. "We do believe that the Rainy River and Hope projects have significant future potential and will be a valuable addition to AltaGas' green energy development portfolio in British Columbia."
The transaction involves the sale of all hydrological and environmental data and engineering and permitting work completed over the last four years as well as the water license and attendant land tenure applications for the projects. Combined, the five projects represent a potential generating capacity of approximately 50 megawatts.
For additional information see www.plutonic.ca |
