The Alaska Industrial Development and Export Authority (AIDEA) has agreed to buy Pentex Alaska Natural Gas Co. LLC and its assets, including Fairbanks Natural Gas (FNG), under AIDEA's Development Finance Program. AIDEA is authorized to invest up to $54 million in the project, which includes the $52.5 million purchase price, plus working capital. "We expect the Pentex acquisition to be a short-term strategic investment that can play a significant role in helping achieve long-term success for the Interior Energy Project," said AIDEA Executive Director John Springsteen. "This acquisition will promote an integrated gas distribution system that can be built and operated in a more efficient manner for the benefit of Interior Alaska residents and businesses." FNG will be in a position to work with local entities in the Fairbanks North Star Borough to integrate the construction and operation of a gas distribution system, AIDEA said. "The ultimate goal of this transition will be a single, locally controlled utility serving the Interior," Springsteen said. Because of AIDEA's lower cost of capital, AIDEA expects to be able to reduce the price of gas to existing FNG customers by 13.3%. This will provide energy relief to Interior residents by the upcoming winter, AIDEA said.