GE Energy Financial Services and Vancouver, British Columbia-based Plutonic Power Corp. have been granted an extension until July 20 for the due-diligence period in the partners' review of the purchase of the 300 MW EarthFirst Dokie Ridge Wind Project, located 1,100 kilometers northeast of Vancouver.
The previous 45-day period for due diligence would have ended July 6. Provided that certain conditions are satisfied or waived by July 20, GE Energy Financial Services and Plutonic plan to complete the acquisition of the Dokie assets within a further 45-day period.
Satisfaction or waiver of conditions to closing include – but are not limited to – consent of First Nations and other material stakeholders, assignments of material permits and contracts, and receipt of regulatory approvals.
The project would represent the companies' first wind energy investment in Canada and an expansion of their relationship from hydroelectric power development into wind energy.
The Dokie Project consists of the fully permitted and partially built 144 MW Dokie Phase 1 project using 3 MW Vestas V-90 wind turbines, together with the rights to expand the project to 300 MW.
As partners, GE and Plutonic would jointly provide equity and seek project debt to complete construction. Financial details, including the expected capital costs of the project and the amount of the equity and debt required, have not yet been finalized.
SOURCES: GE Energy Financial Services, Plutonic Power Corp.