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British Columbia';s Largest Wind Farm Starts Generating Energy, Plutonic and GE Report

^{Published on 2010-11-23 05:10:21 - Market Wire}
 

VANCOUVER, Nov. 23 /CNW/ - Plutonic Power Corporation (TSX: PCC) and GE Energy Financial Services, a unit of GE (NYSE: GE), announced today that their jointly owned Dokie Wind Project, British Columbia's largest wind farm, has begun generating electricity.

GE Energy Financial Services and Plutonic acquired and resumed construction of the project a year ago. Since then, the project's engineering, procurement and construction contractor, Mortenson Canada Corporation, has completed mechanical erection of all 48 wind turbine structures. Nine turbines have to date completed final commissioning testing and are available for operation. The substation and transmission lines have also been commissioned and energized, allowing for wind turbine commissioning.

The project, located 1,100 kilometres northeast of Vancouver near Chetwynd, will sell energy generated during commissioning - prior to the commercial operation date, or "COD" - to Powerex, a subsidiary of BC Hydro.

"The start of energy generation at the Dokie Wind Project represents Plutonic's and GE Energy Financial Services' first wind project in Canada and a solid new growth platform for Plutonic in wind energy," said Donald McInnes, Vice-Chairman and CEO of Plutonic Power.

GE Energy Financial Services and Plutonic, through their jointly formed Dokie General Partnership, announced the resumption of project construction in December 2009. The $228 million project will generate 320,000-340,000 MWh/a and, in addition to the turbines, includes a substation and seven kilometres of 230 kV transmission lines. The project is expected to reach commercial operation by early 2011.

In addition to the Dokie Wind Project, GE and Plutonic also jointly developed British Columbia's largest independent run-of-river hydro project, the East Toba River and Montrose Creek hydroelectric project.

About GE Energy Financial Services

GE Energy Financial Services' experts invest globally across the capital spectrum in essential, long-lived and capital-intensive energy assets that meet the world's energy needs. In addition to capital, GE Energy Financial Services offers the best of GE's technical know-how, technology innovation, financial strength and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships and optimization of its $21 billion in assets. For more information, visit [ www.geenergyfinancialservices.com ].

About GE

GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, health care services and solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at [ www.ge.com ].

About Plutonic Power Corporation

Plutonic Power identifies, develops and operates clean power projects in a safe reliable and efficient manner. Plutonic Power strives to be a Canadian-based leader in clean power. For more information, visit [ www.plutonic.ca ].

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.