GE invests $112M in Plutonic run-of-river projectVANCOUVER, BC, May 30, 2007 (GLOBE-Net) - GE Energy Financial Services, a unit of General Electric, will invest CAD 112 million in the construction of a run-of-river hydroelectric project in British Columbia developed by Plutonic Power Corporation. The project has also received positive decisions from federal agencies under the Canadian Environmental Assessment Act. GE Energy Financial Services, through a Canadian affiliate, will acquire a 49 percent equity and 60 percent economic interest in Plutonic's 196-megawatt East Toba River and Montrose Creek project, 190 kilometers northwest of Vancouver at the headwaters of the Toba Inlet north of Powell River. The project includes a 145-kilometer long transmission line for interconnection to the power grid. In addition to its equity commitment, GE Energy Financial Services is co-leading, with Manulife Financial, a CAN $466 million senior secured debt offering to finance the project. Read the full article on the Plutonic project on GLOBE-Net at  |