Vancouver's Plutonic Power Corp. (TSX:PCC) has secured a $470 million loan to fund construction of its Toba Montrose run-of-river energy project 190 kilometres north of Powell River.
The line of credit from a syndicate of financial institutions adds to the $190 million raised last week for the 196-megawatt project.
The syndicate includes Manulife Financial, Sun Life, Canada Life, and Industrial Alliance Insurance.
Commercial operation of the project is expected by mid-2010.
Plutonic's share price range during the past week: between $8.75 and $9.03; 52-week high: $9.75; 52-week low: $2.10.