CoBank helps Basin Electric bring added value with urea financing

Steve Johnson

Steve Johnson, Basin Electric senior vice president and chief financial officer, presents on urea project financing, among other topics, during the cooperative’s 2015 Annual Meeting.

It’s nice to have a supportive partner when pursuing something great, especially when that something will benefit cooperative members.

When Basin Electric considered building a urea facility to bring additional value to its membership and rural America’s agricultural industry, CoBank, a national cooperative bank, stepped in to help.

Urea is a granular fertilizer commonly used in agricultural applications. The board of directors for Dakota Gasification Company, a subsidiary of Basin Electric, approved construction of a urea facility in January 2014.

During Basin Electric’s 2015 Annual Meeting, CoBank CEO Bob Engel spoke to the cooperative’s membership about the bank’s excitement to help finance the new urea facility. Watch the video.

“I believed a long time ago that Dakota Gas was an important part of Basin Electric’s overall strategy,” Engel says. “(The urea project) is a continuation of what we’ve seen as a very thoughtful, innovative and forward-looking approach that the Basin Electric board and management, quite frankly, have always typified. It’s in their culture.”

When the facility is complete, it will produce 1,100 tons of urea daily. The project continues on schedule for commercial operation in the second quarter of 2017.

Check out more stories on Dakota Gas’ urea project:

Dakota Gas approves urea plant near Beulah (Jan. 28, 2014)
Teamwork keeping urea production project on track (July 2014)
Urea project construction moves above ground (Aug. 7, 2015)
Urea project site sees increased activity as facility starts to take shape (Nov. 20, 2015)

Read more below on how Dakota Gas brings added value to Basin Electric.

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