Plutonic Power Finalizes Long-Term Impact Benefit Agreement With Sechelt First Nation
VANCOUVER, BRITISH COLUMBIA–(March 3, 2008) – The Sechelt First Nation and Plutonic Power Corporation (TSX:PCC) announced today that a long-term Impact Benefit Agreement (IBA) has been signed that facilitates the development of transmission infrastructure and the Saltery Bay substation within Sechelt Traditional Territory as part of the $660 million, 196 megawatt (MW) East Toba River/Montrose Creek run-of-river hydroelectric project. The agreement also outlines how the parties will work together on future project development. With the signing of this agreement, the Sechelt First Nation, Chief and Council have given their support for the project.The specific terms of the IBA remain confidential, however the Agreement includes:
– Ongoing respect by Plutonic Power and its affiliated companies for asserted rights and title of the Sechelt First Nation in the area where the transmission line and substation will be located in Traditional Territory
– Annual payments to the Sechelt for the life of the project
– Employment and training opportunities for Sechelt members
– Opportunities for Sechelt-owned companies in the clearing and construction of the substation
– A framework for partnerships on future development opportunities/projects
“We are honoured and pleased to reach an agreement with Plutonic Power. Having Plutonic respect our rights and title while developing their project in our territory is a great accomplishment, as is negotiating benefits and opportunities for our Nation which we will benefit from for years to come,” said Sechelt First Nation Chief Marita Paul-Franke.
“Signing the IBA solidifies our long-term partnership with the Sechelt First Nation and we are truly grateful for their support of the development of the East Toba River/Montrose Creek run-of-river project,” said Donald McInnes, Vice-Chairman and CEO of Plutonic. “Through this agreement we hope not only to enable and empower the Sechelt community through training and employment but we also hope to build a legacy of renewable, reliable, made-in-BC clean energy for the next generation of Sechelt to share with the people of BC – energy that reduces our reliance on non-renewable imported power.”
The East Toba River/Montrose Creek run-of-river project is located in the Klahoose Traditional Territory 130 kilometres north of Powell River and will include 145 kilometres of transmission line that runs through the Sliammon and Sechelt Traditional Territories for interconnection to the BC Hydro grid at Saltery Bay.
About Plutonic Power Corporation
Plutonic Power’s vision is to provide leadership and create a legacy through the development of renewable, reliable, made-in-BC clean energy. Its proposed Green Power Corridor, comprised of 29 facilities, including the flagship $660 million, 196 MW East Toba River/Montrose Creek run-of-river project currently under construction, have the potential to generate enough energy to meet the annual needs of about 530,000 homes and create approximately 5,000 person years of employment. Once the built, the Green Power Corridor could offset an estimated 3.5 million tons of CO2 emissions every year – the equivalent to taking as many as 600,000 vehicles off the road. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all its run-of-river projects. By developing its suite of projects, Plutonic Power will help British Columbia realize its goal of becoming electricity self-sufficient by 2016, meet demand utilizing 90% clean domestic generation sources and will play a significant role in the fight against climate change.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
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