Plutonic gets $73 million for Toba power project
The East Toba River and Montrose Creek hydroelectric project gets a $10 per megawatt hour incentive from the federal government for the first 10 years of operation.
The $600-million, 196-megawatt project is on schedule for completion in mid-2010, according to a news release.
Plutonic and its partner GE Energy Financial Services, will get a $10 per megawatt hour incentive on all electricity produced over the first 10 years of operations and the government calculates that will add up to $72 million over a decade, according to the release.
“This is one more example of how our government is increasing Canada's ability to produce clean, renewable energy,” Raitt said in the news release.
“This investment in hydroelectric power will create jobs and contribute to competitive energy prices in the province, all while reducing our impact on the environment.”
“The development of clean, renewable energy projects is instrumental in achieving both federal and provincial governments' initiatives on climate change and federal support through programs like ecoENERGY are important to the industry's success,” Plutonic vice-chair and CEO Donald McInnes said in the release.
Related News
NB Power signs three deals to bring more Quebec electricity into the province
FREDERICTION - NB Power and Hydro-Quebec have signed three deals that will see Quebec sell more electricity to New Brunswick and provide help with the refurbishment of the Mactaquac hydroelectric generating station.
Under the first agreement, Hydro-Quebec will export 47 terawatt hours of electricity to New Brunswick between now and 2040 over existing power lines — expanding on an agreement in place since 2012.
The second deal will see Hydro-Quebec share expertise for part of the refurbishment of the Mactaquac dam to extend the useful life of the generating station until at least 2068, when the 670 megawatt facility on the St.…
