Plutonic Power and GE Energy Financial Services have signed a 40-year electricity purchase agreement with BC Hydro for the 124MW Upper Toba Valley Hydroelectric Project.

The Upper Toba Valley project will consist of two run-of-river hydroelectric facilities: Upper Toba River and Jimmie Creek. The project will create energy for approximately 35,000 homes and will use the same transmission line as Plutonic’s and GE’s East Toba River Montrose Creek Project, which will be completed later this year.

Donald McInnes, vice-chair and CEO of Plutonic Power, said: “Upper Toba Valley will be our third successful project, and we are very proud to be delivering shareholder value while contributing to the province’s goal of electricity self-sufficiency.”

Provincial and federal environmental assessments have been issued for the Upper Toba Valley project. Plutonic Power will now seek to obtain construction permits, licenses and authorizations, project financing, select a construction contractor and finalize a resource development agreement with the Klahoose First Nation. Also pending is approval of investment committees and boards of directors.