The two companies announced Thursday that a $470 million senior secured credit facility for the Toba Montrose General Partnership has been closed, completing the funding for construction of the 196-megawatt hydroelectric generating facility.
The power plant will be on the East Toba River and Montrose Creek, northwest of Vancouver at the headwaters of the Toba Inlet, north of Powell River.
Construction is expected to take about three years and has a 35-year Electricity Purchase Agreement with the British Columbia Hydro and Power Authority.
"We are grateful to our lenders, First Nations partners and community members, without whose support we would never have seen the Green Power Corridor become a reality," said Donald McInnes, vice president and chief executive officer of Plutonic Power. "Their advocacy is the foundation of one of the most significant project financing deals in the history of British Columbia, one which will help create a legacy of clean green power for generations."
Once completed, the project could potentially displace an estimated 455,000 tons of greenhouse gases per year.