The government of Canada is to pay a financial incentive worth as much as C$72.7 million (US$57.4 million) over 10 years to the owners of the 123-MW East Toba River and 73-MW Montrose Creek hydroelectric project in British Columbia.
The federal government said it would provide the incentive from its C$1.48 billion (US$1.17 billion) ecoEnergy for Renewable Power Program. (HNN 1/9/09) The program offers a C$10 (US$7.89) per megawatt-hour incentive for electricity produced by low-impact, renewable electricity projects for 10 years after commissioning.
EcoEnergy payments for East Toba River and Montrose Creek are capped at C$7.27 million (US$5.74 million) annually, and C$72.7 million for the 10-year period. Payments are to begin upon commissioning of the C$660 million (US$521 million) project, on schedule for completion in mid-2010. The project is expected to generate 726,950 MWh annually.
Plutonic Power Corp. and GE Financial Services are partners in the Toba Montrose General Partnership. (HNN 12/1/08) The partnership is building the run-of-river project in the Toba River Valley 150 kilometers north of Powell River, B.C. It announced the signing of an agreement to accept funds from the ecoEnergy program on Feb. 23.