SDIF LP3 Basin Electric – Deer Creek Station

SDIF LP3  Basin Electric –Deer Creek Station   210 Units    Status: Closed
UPDATE:  http://www.basinelectric.com/News_Center/Publications/News_About_Us/Deer_Creek_gets_loan_guarantee.html

BASIN UPDATE!

Read a recent article about Deer Creek Station begins commercial operation 

SDIF LP3 will loan funds to Basin Electric Power Cooperative (www.basinelectric.com) for construction and development of Deer Creek Station Energy Facility Project to be constructed in Brookings and Deuel counties in eastern South Dakota. Basin Electric is a regional wholesale electric generation and transmission cooperative owned and controlled by the member cooperatives it serves.  Created in May 1961 the cooperative comprises 125 rural electric systems and is one of the largest electric generation and transmission cooperatives in the United States. Basin Electric serves approximately 2.6 million customers in 430,000 square miles covering portions of nine states: Colorado, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Dakota, and Wyoming.

Total assets of Basin Electric and its subsidiaries as of Dec. 31, 2008 were $3.4 billion, an increase of almost $576 million from a year ago.  At December 31, 2008, Basin Electric had total equity of $809.3 million, an increase of $4.2 million from 2007. This gives Basin Electric an equity-to-asset ratio of 23.6 percent.  Basin Electric has one of the highest equity levels of any of its comparable generation and transmission peers.  At the end of 2008, equity represented 34.8 percent of Basin Electric’s total capital structure

Basin Electric will construct, own, operate, and maintain the Deer Creek Station Energy Facility Project (hereinafter “Deer Creek Station Project”), a 300-MW, combined-cycle, natural gas generation facility, water pipeline, transmission lines, transmission interconnection(s), and other associated facilities.  The total cost of the Project is estimated at $405 million dollars, and the construction is anticipated to be completed in June 2012.  The purpose of the project is to help serve increased load demand for electric power in the eastern portion of Basin Electric’s service area.  The need for additional generating capacity is driven by the increasing electrical power usage of the Basin Electric membership consumers mainly generated by industrial growth, energy-sector (coal, oil, and gas) development, and new rural residential development as well as both statewide and interstate growth projects such as proposed Hyperion Refinery and northern states oil pipelines.

The Deer Creek combined cycle natural gas generation facility would produce a gross of 309 MW and a net of 300 MW at 43 degrees Fahrenheit ambient with duct firing.    The plant site will consist of an area of approximately 100 acres; the plant would occupy approximately 40 acres within the site.  Construction will take about 18 months.  The project was approved by Basin Electric’s board of directors in July 2007 and is scheduled to be completed in June 2012.

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