Bonneville Pacific Corp. has completed a $16.7 million sale of interests in 13 generating facilities.
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, all located in the western United States.The buyer, TET Energy Inc., is an Idaho corporation owned by a Canadian corporation.
This sale is the first of several Bonneville has been negotiating to provide capital for new opportunities in the independent power industry, according to Raymond L. Hixson, Bonneville's chairman.
"With power shortages anticipated in several parts of the country over the next few years, we are finding many more opportunities. We are also being asked to bid on the development and construction of increasing numbers of larger generating facilities," he said.
"The need for capital to take advantage of these opportunities means that we will continue to sell some portion of our projects to achieve our goals."
Hixson said Bonneville is committed to of having 70 percent of its revenues come from recurring power sales.