GE, Plutonic Power Consider Acquisition Of Canadian Wind Farm

NAW Staff, Tuesday 02 June 2009 - 09:13:06

GE Energy Financial Services has signed an agreement with EarthFirst Canada Inc. to consider purchasing the Dokie Ridge Wind Project, which is under construction in British Columbia.

Subject to satisfaction of conditions, including due diligence and internal approvals, GE Energy Financial Services has agreed to form a partnership with Vancouver, British Columbia-based Plutonic Power Corp., a company currently developing a suite of run-of-river hydroelectric projects in British Columbia. Plutonic, which provided the acquisition, will own and operate the project.

The project would represent GE Energy Financial Services' and Plutonic's first wind energy investment in Canada and an expansion of the companies' relationship from hydroelectric power development into wind energy.

The Dokie Project consists of the fully permitted and partially built 144 MW Dokie Phase 1 project that uses 3 MW Vestas V-90 turbines, together with the rights to expand the project to 300 MW.

As partners, GE and Plutonic would jointly provide equity and seek project debt to complete construction. Financial details, including the expected capital costs of the project and the amount of the equity and debt required, have not yet been finalized.

EarthFirst has reported that the Dokie Phase 1 Project, once completed, would generate 340 GWh annually.

EarthFirst had previously obtained court-ordered protection from its creditors under Canada's Companies' Creditors Arrangement Act. The Court of Queen's Bench of Alberta, Judicial Centre of Calgary has approved the proposed transactions involving the project.

SOURCES: GE Energy Financial Services, Plutonic Power Corp.




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