Bonneville Pacific Corp., the Salt Lake-based independent power producer, has completed the sale of $16.7 million of its interest in 13 power generation facilities, according to Raymond L. Hixson, chairman and president.
The sale involves 32 percent of a variety of interests which Bonneville has in 10 hydroelectric projects, one biomass generating facility and two cogeneration facilities to TET Energy Inc., an Idaho corporation owned by a Canadian corporation. All of the power plants are in the western United States.This sale is the first of several Bonneville has been negotiating to provide capital for new opportunities in the independent power industry, Hixson said.
"With power shortages anticipated in several parts of the country over the next few years, we are finding many more opportunities. We also are being asked to bid on the development and construction of an increasing number of larger generating facilities," he said.
That means the company will need capital to take advantage of new opportunities so Bonneville officials will continue to sell a portion of their projects to achieve that goal.
Hixson said he is committed to the goal of 70 percent of the company's revenue coming from recurring power sales, meaning careful consideration is given to each project and its potential for revenue to meet the commitment.