Bonneville Pacific Corp., the Salt Lake-based independent power producer, has completed the acquisition of the stock of Ryegate Wood Energy Co., East Ryegate, Vt., an effort that was started last October.
John D. Weesner, RWEC president, said, "Ryegate's acquisition by Bonneville is an exciting event for the company because Bonneville's strong financial capabilities and proven track record virtually assure the ultimate success of the company's development efforts."Ryegate is developing a 20-megawatt wood-fired electric generating plant in East Ryegate. The power plant will sell its energy to all the Vermont utilities through a power sales arrangement with the Vermont Power Exchange.
Bonneville officials estimate the first full year's revenues at the Rye-gate project at $13.5 million in power sales to the Vermont Power Exchange.
Robert L. Wood, Bonneville chief executive officer, said groundbreak-ing for the project will be next autumn with a scheduled completion in 12 months.
Bonneville also is developing a 52-megawatt gas-fired cogeneration project in Sheldon Springs, Vt. The power will be sold directly to Central Vermont Public Service and the thermal energy will be used by a nearby paper mill and also in Bonneville-owned greenhouses for tomato production.