Plutonic Power raises $70 million for projects

Hydropower producer Plutonic Power Corp. said it will raise about C$70.4 million through the sale of common stock to support in part the construction of the Toba-Montrose hydroelectric project.

A syndicate of underwriters led by Cormark Securities has agreed to buy 21 million Plutonic shares for $3.35 per share. The deal is scheduled to close Nov. 4.

Proceeds from the sale will be used to build a transmission line that will carry power from two run-of-river hydro projects in the Toba Inlet-Montrose corridor. The project is under construction and is expected to begin commercial production in 2010. Proceeds also will be used to fund the acquisition of the Dokie Ridge wind power project in Western Canada.

The 196-MW Toba-Montrose project will displace about 455,000 tons of greenhouse gases, the equivalent to removing 80,000 cars from the road, the company has said.

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