UPDATE 1-Plutonic says wind power fits with growth strategy

By Allan Dowd

VANCOUVER, British Columbia, June 1 (Reuters) - Plutonic Power Corp (PCC.TO), a Canadian hydro-electric producer, is being "opportunistic" in its proposed takeover of a distressed wind farm project, its chief executive said on Monday.

Plutonic has formed a joint venture with General Electric Co. (GE.N) to purchase the uncompleted 300-megawatt Dokie Ridge project near Chetwynd, British Columbia, whose owner EarthFirst Canada (EF.TO) filed for creditor protection last year.

It marks Plutonic's first venture into wind power, but CEO Donald McInnes said the company was always looking for growth opportunities in the green energy sector even though its current focus is hydro facilities.

"Our advancement into wind should not be thought of as a deviation from our very well-thought-out strategy of developing green hydro-electric assets in British Columbia," McInnes said.

Plutonic's shares in Toronto closed up 59 Canadian cents at C$3.70 per share on Monday.

Although a final price for the deal has not be reached, it would include paying off the C$26 million EarthFirst owes to a secured creditor and the cost of completing the facility which would begin production next year.

EarthFirst estimated completing the project would cost about C$250 million, including unpaid bills, but McInnes said Plutonic and General Electric are still reviewing those figures.

"Given that EarthFirst has already spent over C$100 million on the project, we viewed this as very opportunistic," he said,