Part of that goal involves maintaining close relationships with other cooperatives. A prime example of one such bond is Basin Electric’s nearly 50-year financial work relationship with the National Rural Utilities Cooperative Finance Corporation (CFC), one of Basin Electric’s largest investors.
Sheldon Petersen, CFC’s CEO, cheerfully addressed Basin Electric’s membership during their 2015 Annual Meeting in November. Watch the video.
“CFC has always had a vested interest in Basin Electric’s success,” Petersen says. He says it’s a relationship based on a shared history, mission and purpose.
It was an especially big year for CFC and Basin Electric. CFC participated in an historic $1.5 billion refinancing agreement with the cooperative when Basin Electric decided to buy out of the Rural Utilities Service (RUS). CFC has a history of successful transactions with Basin Electric, and Petersen says his people never stop looking for ways to serve Basin Electric and its members.
“Basin Electric’s credit profile continues to reflect strength,” Petersen says. Read more on Basin Electric’s financial success in 2015.
In the end, Petersen sees Basin Electric as much more than a borrower – but rather, a valued partner.
“Our success together extends to the entire cooperative network,” he says.
Read a previous story: CoBank helps Basin Electric bring added value with urea financing