---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-415597"
form_type: "8-K"
ticker: "BKH"
cik: "0001130464"
company_name: "BLACK HILLS CORP /SD/"
filed_at: "2026-10-06T20:19:13+00:00"
generated_at: "2026-10-12T16:16:39.037727+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.82
calibrated_materiality_score: 0.82
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-415597
- form_type: 8-K
- ticker: BKH
- cik: 0001130464
- company_name: BLACK HILLS CORP /SD/
- filed_at: 2026-10-06T20:19:13+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.82
- calibrated_materiality_score: 0.82
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1130464/000119312526415597/0001193125-26-415597-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1130464/000119312526415597/bkh-20261006.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-415597
- JSON: https://secwatch.observer/filing/0001193125-26-415597.json
- Plain text: https://secwatch.observer/filing/0001193125-26-415597.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.