Plutonic Power and its partner GE Energy Financial Services announced a 40-year electricity purchase agreement with BC Hydro for its 124-megawatt Upper Toba Valley run-of-river project at the end of April.
The announcement opened the door for a finalized a comprehensive resource development agreement with the Klahoose First Nation in whose territory the project will be built.
"Upper Toba Valley will be our third successful project,” Plutonic CEO Donald McInnes said. ”We are very proud to be delivering shareholder value while contributing to the province's goal of electricity self-sufficiency."
The generating plants will be in the Toba Valley and will consist of two run-of-river hydroelectric facilities, one on the Upper Toba River and another at Jimmie Creek. The project will create enough energy for 35,000 homes and will use the same transmission line as the East Toba River Montrose Creek Project which is slated for completion later this year.
Provincial and federal environmental assessments have already been issued for the Upper Toba project. Plutonic Power will now seek to obtain construction permits, licenses and authorizations, project financing and select a construction contractor.