Basin Electric Power Cooperative and Panamint Capital announced they have executed a 15-yeartolling agreement for offtake fromCottageGroveCogeneration.CottageGroveis a 265-megawatt (MW)dual-fuel combined cycle gas turbine facility located in Washington County,Minnesota. The contract is for 100% ofCottageGrove's capacity and energy and will commence in December 2027. Located in MISO Zone 1,CottageGrovehas reliably provided capacity and energy to the Upper Midwest since 1997. The facility has an impeccable safety record, having recently achieved 10,000 days without a lost time incident.
CottageGrovecan generate electricity using either natural gas or fuel oil, allowing it to provide continuous power generation during system emergencies that impact the natural gas system. Panamint Capital is also progressing an advanced-stage80-MW/320-MWhbattery energy storage system at theCottageGrovesite, further enhancing its ability to provide long-term reliability to MISO.
“We are pleased to be able to provide affordable, reliable power to Basin Electric and its 139 member cooperatives from ourCottageGrovefacility,” said Apolka Totth, CEO of Panamint Capital. “Basin Electric has entrusted us with supporting their long-term energy security, which is a testament to the hard work our team has put intoCottageGrovesince 2021, including executing major overhauls and upgrades. We look forward to a long, successful partnership with Basin Electric at theCottageGrovesite.”
“As a dual-fuel dispatchable resource, the Cottage Grove Cogeneration facility is an important contributor to system reliability and resilience for the cooperative,” said Benjamin Hertz, Basin Electric's manager of Power Supply Planning. “As a generation and transmission cooperative serving members in the Upper Midwest, Basin Electric provides affordable and reliable power to those who live and work in often challenging environments with extreme weather conditions. This facility will provide a much needed and reliable source of capacity and energy for Basin Electric's membership moving forward, regardless of the weather conditions.”
About Panamint Capital
Panamint is a KKR-backed energy investment company headquartered in Incline Village, Nevada. The firm develops, acquires, and manages power generation, mining and electric transmission assets and currently manages over 3.0 GW of operating and development-stage conventional and renewable energy assets in North America. For more information, visitwww.panamintcapital.com.
About Basin Electric Power Cooperative
Basin Electric Power Cooperative is a member-owned, non-profit generation and transmission cooperative headquartered in Bismarck, North Dakota. It serves139rural electric cooperatives across nine states (Colorado, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Dakota, and Wyoming), providing wholesale electricity to approximately 3 million consumers.
Media Contact:Kathy Hyde775-413-5050khyde@panamintcapital.com
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SOURCE Panamint Capital LLC
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