Following up on a deal last discussed in our July 30, 2009 edition, GE Energy Financial Services, a unit of GE, and Plutonic Power Corporation are proceeding with their plans to purchase the 144 MW Dokie Ridge Wind Project, the largest wind farm under construction in British Columbia, from EarthFirst Canada Inc. GE and Plutonic have completed their due diligence, waived initial due diligence conditions and have committed to purchase the Dokie project.
A GE affiliate will hold 49 % and a Plutonic affiliate will hold 51 % of the Dokie partnership, which has signed and put into escrow an amended and restated electricity purchase agreement with BC Hydro. Among other conditions, the transaction is subject to the BC Utilities Commission’s acceptance of the electricity purchase agreement. (Source: CNW, September 23, 2009)
Contact: Brian Trypka, Chief Restructuring Officer, EarthFirst Canada Inc., (403) 513-0780, www.earthfirstcanada.com, firstname.lastname@example.org; Donald McInnes, CEO Plutonic Power, (604) 669-4999, Donald@plutonic.ca, www.plutonic.ca; Andy Katell, GE, (203) 961-5773, email@example.com, www.ge.com