Black Hills Corp. Secures Funding Through 2025 Equity Issuance
Overview of Black Hills Corp's Recent Equity Issuance
Recently, Black Hills Corp. (NYSE: BKH) finalized an important equity issuance to meet its financial needs for the year 2025. Utilizing its at-the-market equity offering program, the company executed a block equity trade that has been designed to fulfill its remaining capital requirements. This strategic move marks a significant step in enhancing the company’s financial position.
Details of the Equity Financing
In total, Black Hills Corp. raised an impressive $219.6 million through the issuance of approximately 3.7 million shares. This funding will be pivotal in supporting the company’s hefty capital expenditure program, which is budgeted at around $1.0 billion for the year. The completion of this equity issuance aligns closely with the company's previously set target range of $215 million to $235 million.
Strategic Growth Initiatives
Linn Evans, the president and CEO of Black Hills Corp., underscored the significance of this financing as it plays a crucial role in executing the company's long-term strategic vision. The capital raised will support various growth initiatives, including the Ready Wyoming electric transmission expansion project. This project is set to enhance service reliability and is anticipated to be operational by the end of the year.
Upcoming Projects and Investments
Additionally, part of the funds will go toward the Lange II project, which consists of a 99 MW dispatchable generation resource located in South Dakota. This initiative is marked for completion in the latter half of 2026, contributing further to the company's dedication to modernizing and enhancing its energy infrastructure.
Commitment to Customer Satisfaction
Black Hills Corp. has a rich tradition of customer focus and a vision to be the energy partner of choice. By investing in these strategic projects, the company aims not only to meet current energy demands but also to ensure a sustainable and secure energy future for its 1.35 million customers across eight states.
Company Background
Based in Rapid City, Black Hills Corp. operates as a growth-oriented utility company, catering to natural gas and electric utility customers in various regions, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Providing reliable, safe, and efficient energy is central to the company’s mission, embodying its commitment to improving lives through energy.
Investor Relations Contact
For any inquiries regarding investor relations, individuals can reach out to Sal Diaz at 605-399-5079 or contact him via email. The company maintains a robust channel for communication to ensure transparency and ongoing engagement with its stakeholders.
Frequently Asked Questions
What was the amount raised in the 2025 equity issuance?
Black Hills Corp. raised approximately $219.6 million through its recent equity issuance.
How many shares were issued to raise the funds?
The company issued about 3.7 million shares in the equity financing.
What will the funds be used for?
The funds will support Black Hills Corp.'s $1.0 billion capital expenditure program, including significant growth projects.
When is the Ready Wyoming project expected to be operational?
The Ready Wyoming project is scheduled to be placed in service by the end of 2025.
How does Black Hills Corp. support customer service and safety?
Through strategic investments in infrastructure and technology, Black Hills Corp. ensures reliable and safe energy delivery for its customers.
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