Nearly one year after the purchase agreement was first announced, the sale of Coal Creek Station and the high voltage direct current (HVDC) transmission system was completed this morning.
Rainbow Energy Center, LLC (Rainbow Energy Center) purchased the 1,151-megawatt (MW) power plant and Nexus Line, LLC (Nexus Line) purchased the high voltage direct current transmission system that extends between central North Dakota and Minnesota. Both assets were previously owned by Great River Energy, a Minnesota not-for-profit electric cooperative.
Rainbow Energy Center and Nexus Line are affiliates of Rainbow Energy Marketing Corporation of Bismarck, North Dakota.
The sale to Rainbow Energy Center was vital to preserving jobs at Coal Creek Station, the Falkirk mine, and many direct support jobs, as well as supporting the regional and state economy.
“Saving jobs and providing certainty to employees at both the plant and the mine has been a top priority for us,” said Rainbow Energy Marketing Corporation President Stacy L. Tschider. “The employees are one of the most valuable assets of all. They have been instrumental in making Coal Creek Station the most efficient coal plant in North Dakota. It’s because of their hard work and their willingness to be innovative means the future of this power plant is very bright.”
“It was important for Great River Energy to have a buyer that understood the importance of maintaining the workforce at Coal Creek Station. We’re thankful Rainbow Energy Marketing has always put employees at the top of their list of priorities,” said Great River Energy Vice President and Chief Transmission Officer Priti Patel. “We are also pleased that our employees will continue to operate the HVDC system for Nexus Line for the next 20 years.”