Bonneville Pacific Corp. directors have voted to activate the company's stock buy-back program first announced on Oct. 21, 1987.

Bonneville Chairman Robert L. Wood said the company has bought 100,000 shares of the 500,000 authorized on that date by the board program, which authorized the company to repurchase 500,000 shares.Therefore, the latest action allows the company to purchase up to 400,000 common shares still remaining under the agreement, said Wood. Wood said the company is authorized to purchase the shares from time to time in the over-the-counter market or in private transactions subject to market and other conditions.

Bonneville Pacific is an independent power producer and developer which recently concluded a transaction in which Portland General Corp. became its largest shareholder. That transaction resulted in the company receiving additional equity and subordinated debt of $30 million.