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Black Hills Corp. Closes Sale of Minority Interest in Colorado IPP

Thu 14th April, 2016 9:15pm
RAPID CITY, S.D. - April 14, 2016 - Black Hills Corp. (NYSE: BKH) today
announced that its non-regulated subsidiary Black Hills Electric Generation,
LLC closed the previously announced sale of a 49.9 percent member equity
interest in Black Hills Colorado IPP, LLC for $215 million to AIA Energy North
America LLC, an infrastructure investment platform managed by Argo
Infrastructure Partners. The sales price is subject to customary post-closing
adjustments. Proceeds from the sale will be used to pay down debt and for
general corporate purposes. 
 
 Colorado IPP owns and operates a 200-megawatt, combined-cycle natural gas
generating facility located in Pueblo, Colorado. Black Hills will continue to
be the majority owner and operator of the facility, which is contracted to
provide capacity and energy through 2031 to Black Hills Energy - Colorado
Electric. 
 
 "This sale provides our shareholders an attractive valuation for a
high-quality asset, while allowing us to support continued reliable service
for our Colorado electric utility," said David R. Emery, chairman and CEO of
Black Hills Corp. 
 
 Black Hills Corporation 
 Black Hills Corp. (NYSE: BKH) is a growth-oriented, vertically integrated
energy company with a tradition of improving life with energy and a vision to
be the energy partner of choice. Based in Rapid City, South Dakota, the
Company serves 1.2 million natural gas and electric utility customers in eight
states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and
Wyoming. The company also generates wholesale electricity and produces natural
gas, oil and coal. More information is available at www.blackhillscorp.com. 
 
 Black Hills Energy 
 Black Hills Energy, the business name under which we operate our natural gas
and electric utilities, serves 1.2 million customers in eight states:
Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and
Wyoming. Our utilities are subsidiaries of Black Hills Corp. (NYSE: BKH).
More information is available at www.blackhillsenergy.com. 
 
 Investor Relations Contact 
 Jerome E. Nichols 
 605-721-1171 
 jerome.nichols@blackhillscorp.com 
 
 24-Hour Media Assistance 
 866-243-9002 
 


 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients. 
 The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein. 
 Source: Black Hills Corporation via Globenewswire 
 HUG#2003829
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