Pruvient Energy was founded in 2003 by Iron Bridge to pursue opportunities in the power generation and energy fields. Pruvient’s first transaction involved the acquisition of the Tanguission Power Plant in Dededo, Guam from Mirant, headquartered in Atlanta, GA. Iron Bridge was able to secure financing for the acquisition at a time when financing was scarce for power plant acquisitions or development. Since acquisition, Pruvient has greatly improved operating efficiencies at the plant, brought certain services in house, and, despite its age, the plant consistently operates as one of the most reliable plant on Guam. Pruvient has also reinvested significant capital to ensure operations remain reliable for the foreseeable future.
 The Tanguission plant consists of two 25 Megawatt Steam Turbines. The plant operates under a long term power purchase agreement with the Guam Power Authority and runs 24 hours a day, 7 days a week, employing approximately 50 full time management and operating staff members. |
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The private operation of a previously government-owned asset serves as a great example of a successful public/private partnership. Since privatization, the plant has seen enormous increases in reliability and availability and operates cheaper and more efficiently than prior to privatization.
Pruvient Energy continues to explore other energy-related opportunities and has looked at potential projects around the world. |
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