The company has just been granted the necessary land tenures and water licences for the project sites, access roads and transmission lines by the regulatory authorities. Meanwhile, contractor Peter Kiewit & Sons has been preparing for the start of construction by stocking materials and equipment.
Initial project funding for the 192MW hydro power schemes is being provided by GE Energy Financial Services, which is involved in both the equity and debt arrangements with affiliates.
The project update was issued as Plutonic de-listed it shares from the TSX Venture Exchange and concurrently listed its common stock on the TSX Exchange.
Plutonic has submitted water licence applications for 19 further hydro sites across the Toba Valley and the Bute and Knight inlets of 116MW, 737MW and 154MW total capacities, respectively.
