The Toba Montrose hydroelectric project, located near Powell River in British Columbia, Canada is nearing completion, Plutonic Power Corporation (PCC) and GE Energy Financial Services have announced.

On 1 November, Toba Montrose General Partnership’s (TMGP) contractor, Peter Kiewit Sons Co., achieved substantial completion on the project and TMGP has assumed full operational control of the generation and transmission facilities.

All revenues generated from the project will be recorded as sales on TMGP’s earnings statement effective midnight November 1. Prior to this date, all net sales receipts have been recorded as an adjustment to the capital cost of the project.

Toba Montrose will generate average net annual energy of 710,000-730,000 MWh. Forecast productions will be on a seasonal basis as follows: Q1 (Jan-Mar), 4%; Q2 (Apr-Jun), 32%; Q3 (Jul-Sept), 52%; and Q4 (Oct-Dec), 12%.

TMGP has met all of the conditions precedent contained under the ecoEnergy Renewable Power program. Accordingly TMGP expects to receive the $10/MWh grant on all energy sales after August 5, 2010.

TMGP is a 60/40 partnership between GE Energy Financial Services and Plutonic Power in relation to the Toba Montrose hydroelectric project. The TMGP assets have been constructed on the traditional lands of First Nations partners: the Klahoose, Sliammon and Sechelt First Nations