VANCOUVER, Feb. 11 /CNW/ - The shishalh Nation (Sechelt Indian Band) and Plutonic Power Corporation (TSX: PCC) announced today that a long-term Impact Benefit Agreement (IBA) has been signed that will facilitate the potential development of transmission within shishalh Traditional Territory for future renewable energy projects.
Plutonic Power Corporation and the shishalh Nation are currently parties to an existing IBA for development of the $660 million, 196-megawatt East Toba River and Montrose Creek Hydroelectric Project. The parties believe that the IBA signed today marks the first time in B.C.'s history that 2 consecutive agreements have been reached between a First Nation and a developer in BC's growing renewable energy sector.
"This benefits agreement between the shishalh Nation and Plutonic Power represents a significant milestone for the shishalh Nation. Quality green energy developments, achieved in partnership with First Nations and respectful of our land, our culture and our people, represent real economic opportunity and a better tomorrow for all. We will continue to work constructively and creatively on quality IPP opportunities throughout our territory, ensuring that we achieve true partnership and true benefits like we have achieved today with Plutonic," said shishalh Nation Chief Garry Feschuk.
With the signing of this agreement, the shishalh Nation and Plutonic Power have agreed to the terms by which transmission infrastructure will be built in shishalh traditional territory to support future renewable energy projects.
"We are extremely proud to be signing this agreement today with the shishalh Nation - one of the leading First Nations in BC working on renewable energy projects," said Rupert Legge, executive vice-president of Plutonic Power. "We value greatly our working relationship with the shishalh Nation and we look forward to a future of shared prosperity by working together within the shishalh Nation's Traditional Territory."
The specific terms of the IBA remain confidential, however the agreement includes: revenue sharing provisions; job, training and contracting opportunities; environmental considerations; protection of cultural and heritage resources; access understandings; signing bonus and innovative provisions to ensure future transmission access is effectively and fairly managed in shishalh Nation Traditional Territories.
About Plutonic Power Corporation
British Columbia based Plutonic Power is a Canadian leader in clean energy development. Our vision is to create a legacy through the development of renewable, reliable, clean energy projects. Plutonic is a partner in 340 megawatts of hydro and wind projects that are under construction. In 2010 commercial operations will start at the $660 million, 196 megawatt East Toba River and Montrose Creek run-of-river hydroelectric project. Active construction is also underway on the $227.5 million, 144 megawatt Dokie Wind Project, diversifying Plutonic Power's clean energy portfolio. Plutonic is committed to working in partnership with First Nations, stakeholder groups and local communities in the development of all of its projects. By developing its suite of projects, Plutonic will help British Columbia realize its goal of becoming electricity self-sufficient by 2016 utilizing 90% clean domestic generation sources, will create employment opportunities and will play a significant role in the fight against climate change.
SOURCE PLUTONIC POWER CORPORATION
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