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Basin Electric secures 265 MW of capacity through 15-year deal with Panamint Capital

Basin Electric Power Cooperative signed a 15-year power supply contract with Panamint Capital for the full output of the Cottage Grove power plant starting in December 2027.
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Basin Electric Power Cooperative has entered into a 15-year tolling agreement with investment firm Panamint Capital covering the entire capacity and energy output of the Cottage Grove power facility. This 265-megawatt (MW) dual-fuel combined cycle turbine plant is located in Washington County, Minnesota, and runs on either natural gas or fuel oil. The contract is set to begin in December 2027.

A flexible plant supporting grid reliability

The Cottage Grove facility is situated in Zone 1 of the Midcontinent Independent System Operator (MISO) and has reliably supplied energy to the Upper Midwest since 1997. Its dual-fuel capability allows it to remain operational during disruptions to the natural gas system. According to Panamint Capital, this flexibility is vital in addressing the extreme weather conditions frequently encountered in the region.

Benjamin Hertz, Director of Power Supply Planning at Basin Electric, stated that “the Cottage Grove facility is a critical dispatchable resource contributing to system reliability, particularly for serving remote communities exposed to severe weather conditions.”

Energy storage project under development

In parallel with the contract, Panamint Capital is advancing the development of an 80 MW/320 MWh battery energy storage system on the same site. The project aims to enhance long-term stability for the MISO grid. No commissioning date has been provided for the additional infrastructure.

The Cottage Grove site also boasts a strong safety record, having recently reached 10,000 days without a lost time incident. Panamint Capital, which took over operations in 2021, reports having completed major upgrades in recent years.

A partnership focused on operational continuity

Panamint Capital management described the new agreement as a strategic milestone. “Basin Electric has entrusted us with securing energy for its member cooperatives, which reflects the work we’ve put into the site since taking over,” said Apolka Totth, Chief Executive Officer of Panamint Capital.

Basin Electric’s network supplies 139 member cooperatives across several northern U.S. states. The agreement will help ensure a stable energy supply for these areas while leveraging existing infrastructure adaptable to regional grid requirements.

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