Business & Finance
Business and Finance
Business and Finance
Tue, July 28, 2009
Mon, July 27, 2009 Plutonic Power Corporation and GE Energy Financial Services: GE and Plutonic Power Granted Court Approval for Extension of Due-
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 27, 2009) - GE Energy Financial Services and Plutonic Power Corporation (TSX:PCC) have been granted court approval for an extension to August 5 of the due-diligence period for the partners' review of the purchase of the Dokie Ridge Wind Project currently owned by EarthFirst Canada Inc., located 1,100 kilometres northeast of Vancouver, near Chetwynd. The previous period for removal of due-diligence conditions would have expired on July 20.
While significant positive progress has been made in addressing key matters, the partners require additional time to complete the remaining due-diligence and financing requirements.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally with a long-term view, backed by the best of GE's technical know-how, financial strength and rigorous risk management, across the capital spectrum, in one of the world's most capital-intensive industries, energy. GE Energy Financial Services helps its customers and GE grow through new investments, strong partnerships and optimization of its more than US$22 billion in assets. In renewable energy, GE Energy Financial Services is growing its portfolio of more than US$4 billion in assets in wind, solar, biomass, hydro and geothermal power. GE Energy Financial Services is based in Stamford, Connecticut. For more information, visit [ www.geenergyfinancialservices.com ].
About GE
GE (NYSE:GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at [ http://www.ge.com ]. GE is Imagination at Work.
About Plutonic Power Corporation
Plutonic Power's vision is to provide leadership and create a legacy through the development of renewable, reliable, clean energy projects. Its proposed Green Power CorridorTM, comprised of 42 generation facilities, could have the capacity to meet the annual energy needs of about 660,000 homes and offset more than 4.4 million tons of CO2 emissions every year - the equivalent of taking more than 850,000 cars off the road. Build out of the Green Power CorridorTM, including the current construction of the $660 million, 196 megawatt East Toba River and Montrose Creek run-of-river hydroelectric project, could create approximately 6,500 person-years of employment. Plutonic Power is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all of its projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goal 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.
