Directors of Portland General Corp. have approved the previously announced agreement that will permit the company to acquire up to 40 percent of the common stock of Bonneville Pacific Corp., 257 E. 200 South, an independent power producer.

The agreement between the two companies was reached Sept. 21 and the approval concludes Portland General's right to terminate the agreement as a result of its due diligence review.Closing on the agreement remains subject to certain conditions including the expiration of the applicable waiting periods under federal law. Officials from both companies say they expect to close the agreement by the end of October.