AltaGas Income Trust has bought four run-of-river projects with combined capacity of 50MW from Plutonic Power Corp’s development pipeline in British Columbia.
In a statement, AltaGas said that the acquisition included all hydrological and environmental data as well as engineering and permitting work gathered over the last four years for the prospective schemes, which range in size from 6.5MW to 24MW. In addition, the sale includes water use applications and land-use permits.
The projects include the planned 14MW Rainy River scheme near Gibson, which is at an advanced stage of development and should be commissioned in 2010, AltaGas said.
AltaGas issued Plutonic with convertible warrants in the acquisition process.
The firm already has 175MW of renewable energy capacity under development or construction, including six run-of-river schemes.
Plutonic said it has exited the Rainy River and Hope-area prospects to focus on its “green corridor” developments in Toba, Bute and Knight inlets in the south west of the province.