The Federal Energy Regulatory Commission on July 14 approved the transfer of a gas-fired power plant from Black Hills Wyoming LLC to Consolidated Wyoming Municipalities Electric Power System Joint Powers Board.
Black Hills Wyoming is a unit of Black Hills Corp. (NYSE: BKH). The Joint Powers Board is a municipal financing entity that is used by its municipal members to finance certain aspects of their municipally-owned electric system facilities.
Under the agreement, Black Hills will sell to the board 100% ownership in a 40-MW (design), simple-cycle gas-fired facility located near Gillette, Wyo. It is called the Gillette CT. The board will then lease the facility to the city of Gillette, which is a member of the board. The lease between the Joint Powers Board and Gillette will have an annual term, but the board and Gillette intend to annually renew the lease and thereby control the facility on a long-term basis.
A company contact is: Todd Brink, Senior Managing Counsel, Black Hills Corp., 625 Ninth Street, 6th Floor, Rapid City, SD 57701, (605) 721-2516, Todd.email@example.com.