VANCOUVER - Plutonic Power Corp. (TSX:PCC) has received B.C. Environmental Assessment Office approval of a 130-megawatt hydroelectric development in the Upper Toba Valley. The project, a venture with GE Energy Financial Services, now enters the application review phase, which entails up to 180 days of agency, public and stakeholder consultation along with review of permits and licences.
Plutonic said Wednesday it expects the environmental assessment process will conclude by early spring.
The run-of-river development is to have three generation stations, on Jimmie Creek, Dalgleish Creek and the Upper Toba River.
It will use the transmission line being built for the Plutonic-GE 196- megawatt Toba/Montrose project, which has been under construction since July 2007.
Plutonic said it has working capital of $35 million, "anticipated to be more than enough to meet its needs until the results of the B.C. Hydro clean power call are announced by the end of June 2009."
