Independent power producer Bonneville Pacific Corp. has acquired 50 percent interest and control of the board of directors of the Ryegate Wood Energy Co. in Vermont for $350,000 in cash plus assumption of $1.2 million in liabilities.
The acquisition was effective several days ago, and Bonneville Pacific has the right to acquire the remaining 50 percent interest later.Ryegate Wood is engaged in the development of wood-fired power plants in Vermont. Its principal asset is the 20-megawatt project in Ryegate. Bonneville will begin construction on the plant next spring as the result of the Vermont Public Service Board issuing a certificate of public good.
A Bonneville spokesman said the board also approved the 30-year levelized power contract with the Vermont Power Exchange. The plant should be operational in 1992.