GE Energy Financial Services, a unit of General Electric, is investing up to $112 million in one of Plutonic Power Corp.'s (TSX-V:PCC) run-of-river hydroelectric projects in B.C.
It's GE's first equity investment in green energy in Canada.
GE Financial Services will acquire a 49% stake and a 60% economic interest in Plutonic's 196-megawatt East Toba River and Montrose Creek project near Powell River. GE will also co-lead with Manulife Financial a $466 million secured debt offering to finance the project, which is projected to produce enough energy for 75,000 homes and avoid 455,000 tonnes a year in greenhouse gas emissions that would be produced using equivalent fossil fuel generation.
GE will also provide Plutonic with a $30 million loan to increase the capacity of a transmission line to be built as part of the project.
Plutonic's share price range during the past week: between $7.20 and $7.40; 52-week high: $7.99; 52-week low: $1.10.