Basin Electric Power Cooperative And Panamint Capital Sign Long-Term Tolling Agreement For Offtake From Cottage Grove Cogeneration

Incline Village, NV /PRNewswire/ - Basin Electric Power Cooperative and Panamint Capital announced they have executed a 15-year tolling agreement for offtake from Cottage Grove Cogeneration. Cottage Grove is a 265-megawatt (MW) dual-fuel combined cycle gas turbine facility located in Washington County, Minnesota. The contract is for 100% of Cottage Grove's capacity and energy and will commence in December 2027. Located in MISO Zone 1, Cottage Grove has 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.

Cottage Grove can 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-stage 80-MW/320-MWh battery energy storage system at the Cottage Grove site, 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 our Cottage Grove facility," 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 into Cottage Grove since 2021, including executing major overhauls and upgrades. We look forward to a long, successful partnership with Basin Electric at the Cottage Grove site."

"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, visit www.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 serves 139 rural 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.