Summary
- Iron Bridge founded Pruvient Energy in 2002 to seek out opportunities in the energy sector.
- Pruvient Energy acquired 100% of stock of a Mirant subsidiary which owned the 50-Megawatt Tanguission Power Facility in Guam in distressed sale.
- Iron Bridge raised 100% private funds to acquire the company and closed 21 days after committing to the purchase.
- Pruvient Energy manages the plant and sells all of the power to the Guam Power Authority pursuant to a long-term energy conversion agreement, the key governing document in a long-term private/public partnership.
- Although the plant is over 30 years old, Tanguission continues to operate at high rate of availability and is consistently one of the most reliable power plants on Guam, with average annual availability over 92%.
- Pruvient regularly meets with GPA principals to achieve mutual objectives and to assist in the management of island-wide power issues.
- Prior to privatization, the plant ran less than 50% of the time, employee morale was low, and politics, rather than profit, drove the management, so that essential maintenance was deferred in favor of retaining surplus employees and benefits
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 Employment
- The plant continues to retain the
local management team which has
operated the plant for the past 7
years, and Pruvient has hired two
new employees to replace
third-party contract work.
- The plant labor is provided by GPA employees and currently hosts 41 local employees.
Compliance
- The plant maintains compliance with U.S. and Guam environmental standards and is currently the only power plant which reports and monitors annual emissions.
Status
- Closed April 11, 2003
- Since purchasing the plant, we have lowered operating costs by over $200,000 per year.
- Plant continues to be one of the most reliable power facilities on Guam.
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