Water operations sold for $350 million

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Tuesday, Jan. 16, 2001 | 11:30 a.m.

RENO -- Sierra Pacific Resources said Monday it will sell its water operations for $350 million to Truckee Meadows Water Authority.

Sierra Pacific, based in Reno, is a utility holding company that owns Nevada Power Co. in Las Vegas.

The water operations assets include treatment facilities and distribution infrastructure, hydroelectric facilities on the Truckee River and water and storage rights to Donner and Independence lakes.

The operations serve more than 72,000 customers in the Reno-Sparks metropolitan area and have about 85 employees.

Sierra Pacific will use the sales' proceeds to reduce debt and invest in the company's core businesses of electric and gas distribution and transmission.

The company is in the process of divesting its generation assets and acquiring Portland General Electric for $3.1 billion.