In 2003, Iron Bridge Private Equity acquired the Tanguission Power Plant in Dededo, Guam fromthe Mirant Corporation, headquartered in Atlanta, Georgia and created Pruvient Energy which owned and operated the plant after the purchase of the subsidiary ownership entity. The Tanguission plant has two 25-megawatt steam turbines, and operated under a long-term power purchase agreement with the Guam Power Authority until it was sold to the Authority in 2015. During Iron Bridge’s tenure, the plant ran 24 hours a day, seven days a week, and employed approximately 50 full-time management and operating staff members.
Iron Bridge was able to secure financing for the acquisition at a time when financing for power plant acquisitions or development was scarce. Pruvient has also reinvested significant capital to ensure operations remained reliable for the foreseeable future. The plant consistently ranked as the most reliable and well-run plant on Guam, and Iron Bridge was able to institute numerous operating efficiencies to improve EBITDA during its tenure of owning and running the plant.
A Successful Public / Private Partnership – The Tanguission Power Plant was a great public/private partnership where private industry provided long term reliable power generation at an affordable cost to the
After owning and operating the plant for 12 years, on January 2, 2015, Pruvient Energy consummated the sale of the Tanguission Power Plant to the Guam Power Authority for an undisclosed sum, 2.5 years before the plant’s Energy Conversion Agreement was set to expire.
Legacy Impact on the Community:
After acquiring the plant, Pruvient was able to eliminate waste and bring certain services in-house greatly improvingcost and operating efficiencies at the plant and reducing island-wide power outages that were once commonplace on Guam. Further, Pruvient always operated the plant well within established EPA emissions guidelines and monitored its environmental impacts closely to ensure that the plant was minimizing its environmental impacts while producing reliable power. Pruvient undertook several capital projects that improved operations and reduced harmful emissions and operating costs, including a restoration of the original smoke stacks, an improvement to the water chemistry and worked with the the University of Guam to monitor and manage water quality around the plant.