New B.C. renewable energy project announced for East Toba River
The Government of Canada is joining GE and Plutonic Power by investing in the East Toba River and Montrose Creek Hydroelectric Project, a major hydroelectric project in B.C. that will reduce greenhouse gas emissions and create jobs.
Following its completion in 2010, the 196-megawatt East Toba River and Montrose Creek Hydroelectric Project will generate enough clean electricity to meet the annual electricity needs of about 75,000 homes. Electricity will be sold to the BC Hydro and Power Authority under a 35-year sales contract.
Once completed, the East Toba River and Montrose Creek Hydroelectric Project, a partnership between Plutonic Power Corporation and GE Energy Financial Services, will receive up to $72.8 million in funding under the Government of Canada’s ecoENERGY for Renewable Power Program. It is estimated that the project’s total capital costs will be about $660 million and that the initiative will generate 200 jobs over a three-and-a-half-year span.
"The development of clean, renewable energy projects is instrumental in achieving both federal and provincial government objectives on climate change," said Donald McInnes, Plutonic Power Vice-Chair and CEO. "Federal support through programs like ecoENERGY is important to our industry’s success." Plutonic Power is an energy company currently developing a suite of non-storage (run-of-river) hydroelectric projects in B.C.
This renewable energy project will also reduce B.C.’s greenhouse gas emissions by an estimated 455,000 tonnes per year, an amount equivalent to taking about 80,000 cars off the road per year.
"One of the aspects of this project that has attracted GE’s capital is the support the Government of Canada has shown for it and other renewable energy initiatives," said Mark Tonner, Managing Director for Canada at GE Energy Financial Services. "We applaud the government for applying its ecoENERGY funds to supplement what we and Plutonic are investing."