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BP Amoco Buys Part of GreenMountain.com

May 04, 2000|Nancy Rivera Brooks

BP Amoco, the world's third-largest publicly traded oil company, said it will invest up to $50 million for as much as 25% of electricity provider GreenMountain.com. GreenMountain.com is one of the few successful retail electricity providers in California's restructuring electricity market. GreenMountain.com, based in South Burlington, Vt., markets electricity from renewable resources primarily to residential customers. BP Amoco, through its solar power subsidiary, will supply electricity for future GreenMountain.com expansion and, through its natural gas subsidiary, will market green electricity to commercial and industrial customers. GreenMountain.com said it will receive another $50 million from other unnamed investors.

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