Transaction

Project Tundra - North Dakota CCS loan package (Minnkota Power / Reliant CCS)

Terms

Project developer: Minnkota Power Cooperative; Reliant Carbon Capture & Storage
Recipient type: Infrastructure
Country: United States (North Dakota)
Capital providers: Capital providers and the amount counted for each
Party Role Amount Basis
Bank of North Dakota Lender Not credited Not ranked

Capital providers and the amount counted for each
Party	Role	Amount	Basis
Bank of North Dakota	Lender	Not credited	Not ranked

Pathway: Industrial CCS / CCUS
Project type as recorded: Post-combustion capture at Minnkota Power's Milton R. Young lignite station, Oliver County ND; ~5 Mt CO2/yr (95% of plant emissions), 45Q-driven
Backed by offtakes from: BCG
Frontier (coalition)
Google
Microsoft
US DOE CDR Purchase Pilot Prize

: The North Dakota Industrial Commission approved a $205M loan package for carbon capture at Minnkota Power Cooperative's Milton R. Young Station, Oliver County, split $45M to Minnkota and $160M to Reliant Carbon Capture & Storage, issued through the state-owned Bank of North Dakota. 12-year tenor at 2% interest; final credit terms to be agreed with state banking authorities over the following year. Revised project cost ~$1.7bn (down from ~$3bn), targeting ~5 Mt CO2/yr capture (95% of plant emissions) and up to $425M/yr of 45Q tax credits. Related: Reliant became lead developer on 17-19 Aug (see M&A table).

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