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GE and Plutonic consider acquiring Dokie Ridge


July 19, 2009
By Anthony Capkun

GE Energy Financial Services has signed an agreement with EarthFirst Canada Inc. to consider purchasing the up to 300MW Dokie Ridge Wind Project—a wind farm project under construction in British Columbia. Subject to satisfaction of conditions, including due diligence and internal approvals, GE Energy Financial Services has agreed to form a partnership with Plutonic Power Corp. Provided the acquisition is completed, Plutonic will own and operate the project, located 1100 km northeast of Vancouver, near Chetwynd.

The project would represent GE Energy Financial Services’ and
Plutonic’s first wind energy investment in Canada, and an expansion of
their relationship from hydroelectric power development into wind
energy.

The Dokie Project consists of the fully permitted and partially built
144MW Dokie Phase 1 project using Vestas 3MW V-90 turbines, together
with the rights to expand the project to 300MW. As partners, GE and
Plutonic would jointly provide equity and seek project debt to complete
construction.

EarthFirst has reported that the Dokie Phase 1 Project, once completed,
would generate 340GW/h annually. If the transaction is completed, the
Dokie Project would expand GE’s more than $4-billion US portfolio of
renewable energy investments worldwide.

In addition to Dokie, GE Energy Financial Services and Plutonic are
partnering on three hydroelectric projects in British Columbia: the
196MW East Toba River Montrose Creek project (under construction since
July 2007) and have jointly bid the 166MW Upper Toba Valley Project and
the 1027MW Bute Project.

CLICK HERE for Plutonic Power Corp.

CLICK HERE for GE Energy Financial Services.