Plutonic Power Corporation has completed the startup of its 43-turbine wind farm at Dokie Ridge near Chetwynd, and is selling energy to BC Hydro under a 25-year energy purchase agreement.
The $228-million project, built by Plutonic and financed by partner GE Energy Financial Services, began its startup last November and reached its target of achieving commercial operations on Feb. 17, Plutonic stated in a news release.
The Dokie operation has a capacity of 340,000 megawatt hours a year, enough energy to supply the needs of 34,000 homes. B.C. has one other operational wind farm, Alta Gas's Bear Mountain wind farm, west of Dawson Creek.
Plutonic has a 51-per-cent stake in the wind project, while GE Energy Financial Services holds the remaining 49 per cent. Energy analyst Ike Kaja, of Salman Partners, said the announcement did not affect Plutonic’s share price — now trading at $2.22 a share on the Toronto exchange, because investors have already factored the wind farm into Plutonic stock. Kaja has a target of $4.25 a share on the stock.
The addition of the wind farm doubles Plutonic-GE's operating capacity. The partners also operate a run-of-river operation at Toba Inlet on the B.C. coast, which went into operation last November.
Kaja said Plutonic's partnership with GE has paid off for the company.
Kaja said alternative energy projects face significant financing challenges.
The Dokie wind farm was criticized when it was under construction over its environmental footprint. Built along a mountain ridge, it required a number of access roads and a seven-kilometre transmission line. The project was built on forest land that was clearcut after the mountain pine beetle killed much of the forest cover.
