Great River Energy Buys Large Stake in Ethanol Biorefinery
Posted on Jan 9, 2012 in Financing, Grid & Infrastructure, Mergers/Acquisitions | Comments Off on Great River Energy Buys Large Stake in Ethanol Biorefinery
Great River Energy, a nonprofit coop that provides wholesale electric service to distribution coops in Minnesota and Wisconsin, purchased a 51 percent stake in an Underwood, North Dakota ethanol biorefinery. Prior to the $18.5 million cash deal, Great River Energy had owned a 49 percent stake in the Blue Flint Ethanol LLC biorefinery. Business Week has the full story here.
2011 CFC-Arranged Syndications Top $3 Billion
Posted on Jan 4, 2012 in Financing | Comments Off on 2011 CFC-Arranged Syndications Top $3 Billion
The National Rural Utilities Cooperative Finance Corporation (CFC) arranged $3.1 billion of syndicated revolving credit facilities for members in calendar year 2011. This number increased over prior years due to an increase in liquidity and a desire for participating financial institutions to open relationships with new borrowers. CFC has arranged 57 percent of all syndicated...
Georgia Transmission Corporation Obtains $275 Million Refinancing Deal
Posted on Dec 19, 2011 in Financing | Comments Off on Georgia Transmission Corporation Obtains $275 Million Refinancing Deal
Georgia Transmission Corporation, which serves 39 electric membership corporations in Georgia, and owns more than 600 substations, recently closed a large refinancing deal on a facility that GTC will use for general corporate purposes. The National Rural Utilities Cooperative Finance Corporation arranged a $275 million, five-year unsecured revolving credit facility for GTC, which is...
Tri-State Returns $20 Million in Capital Credits
Posted on Dec 14, 2011 in Corporate Governance, Financing, Patronage Capital | Comments Off on Tri-State Returns $20 Million in Capital Credits
Tri-State Generation and Transmission Association’s board has authorized the retirement of $20 million of capital credits to the association’s member coops. This is the 23rd consecutive year Tri-State has returned capital credits to its members. For more information, click here.
Coop to Build 190-Mile Transmission Line to Serve North Dakota Oil Boom
Posted on Nov 11, 2011 in Financing, Grid & Infrastructure | Comments Off on Coop to Build 190-Mile Transmission Line to Serve North Dakota Oil Boom
Basin Electric Power Cooperative is moving forward with its plans to build a transmission line that will serve growing load in the oil regions of North Dakota. Basin is applying for RUS financing, which will require an environmental review of the project. Basin must also coordinate with North Dakota’s Public Service Commission on the siting process. Construction could begin as...
Kentucky Coop’s Financial Improvements Reflected in Credit Ratings
Posted on Nov 7, 2011 in Corporate Governance, Financing | Comments Off on Kentucky Coop’s Financial Improvements Reflected in Credit Ratings
East Kentucky Power Cooperative announced that it has established credit ratings with Standard & Poor’s and Fitch. The new ratings reflect substantial financial improvements at the coop, which lost money in 2004 and 2005. After establishing a profit in 2006, the coop applied for and received approval for multiple rate increases. The coop’s chief financial officer says that the...
Montana Senator Proposes Bill to Encourage Local Generation
Posted on Oct 27, 2011 in Financing, Legislative & Politics, Renewable Energy | Comments Off on Montana Senator Proposes Bill to Encourage Local Generation
In an effort to increase local energy production, U.S. Sen. Jon Tester introduced the Clean Transmission for Rural Communities Act, which broadens the electric power technologies eligible for municipal or cooperative bond financing. Renewable energy development, rural economic growth and new jobs are among the purported benefits of the bill. Read more here.
Montana Coop Files for Bankruptcy Protection
Posted on Oct 24, 2011 in Corporate Governance, Financing | Comments Off on Montana Coop Files for Bankruptcy Protection
Southern Montana Electric Generation & Transmission Cooperative filed for Chapter 11 bankruptcy protection on October 21. Major creditors include the National Rural Utilities Cooperative Finance Corporation and PPL EnergyPlus. The Great Falls Tribune is covering this story.
Coops Ranked by Revenue-Earnings by NCB
Posted on Oct 20, 2011 in Financing | Comments Off on Coops Ranked by Revenue-Earnings by NCB
NCB, a federally- charted savings bank, released its annual NCB Coop 100, listing the nation’s top 100 revenue-earning cooperative businesses, including electric cooperatives. In 2010, the cooperatives on the list posted revenues totaling approximately $193.8 billion. This year, Basin Electric Power Cooperative was 29th on the list, with a reported $1.5 billion in revenue in 2010. ...
Hawaii Coop Looks to Reallocate RUS Loan to Solar Project
Posted on Oct 18, 2011 in Financing, Project Development, Renewable Energy | Comments Off on Hawaii Coop Looks to Reallocate RUS Loan to Solar Project
Kauai Island Utility Cooperative wants to use a Rural Utilities Service (RUS) loan previously planned for a 10-MW renewable biodiesel plant to develop a 10 MW solar project. If approved by the U.S. Department of Agriculture, the shift in financing will allow Kauai Island to double its solar generation capacity and take advantage of certain state and federal tax incentives. Read...
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