Black Hills to invest $1.8B serving Google's Cheyenne data center; ~$150M net income expected in 2030

BLACK HILLS CORP /SD/

Investing $1.8B in 2027-2029 to build 564 MW (nameplate) of natural gas generation at its existing Cheyenne Prairie Generating Station in Wyoming.
Definitive agreements effective Sept. 30, 2026, terms through 2048; Black Hills serves up to 590 MW grid-connected and manages 2.1 GW of third-party resources via private microgrid.
Project expected to add ~$150M net income in 2030 and ~$2.4B unlevered free cash flow through 2048, net of the $1.8B capex; energy service starts late 2027.
Google provided $399M of refundable advances for long-lead equipment; Black Hills expects to reimburse by June 30, 2027; no cost shifting to existing retail customers.
Regulatory progress: Robinson substation CPCN approved May 2026, CPGS air quality permit approved Aug 2026, South Cheyenne Transmission CPCN filed Sept 2026.

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