Nov. 25 (Bloomberg) -- General Electric Co.’s energy financial-services unit and Vancouver-based Plutonic Power Corp. submitted bids to help build two hydroelectric power projects in Canada costing more than C$4 billion ($3.25 billion).

The Upper Toba Valley Hydroelectric Project and the Bute Inlet Project would be Canada’s largest private-sector hydroelectric investment, eventually providing 1,200 megawatts, or enough to power 330,000 homes via British Columbia Hydro & Power Authority, the companies said today in a statement.

Bids were submitted in response to BC Hydro’s request for proposals in June, the companies said. GE, based in Fairfield, Connecticut, intends to fund or arrange equity contributions for the projects after review including due diligence, the companies said. BC Hydro intends to issue energy-purchase agreements to winning bidders from April through June.

The projects would bring GE Energy Financial Services closer to its goal of $6 billion in renewable power investments by 2010, up from about $4 billion now, the statement said.

To contact the reporters on this story: Rachel Layne in Boston at 1‘ rlayne@bloomberg.net

Last Updated: November 25, 2008 15:24 EST