WASHINGTON — Senator Chuck Grassley said today that the U.S. Department of Agriculture, Office of Rural Development is awarding a $300 million loan guarantee to the Basin Electric Power Cooperative in Bismarck, North Dakota. Basin Electric Power Cooperative serves Iowans in Clay County. The loan guarantee is through the Electric Loan program. 

"These funds will help the Basin Electric Power Cooperative improve service to its customers in Clay Country," Grassley said.

 Basin Electric Power Cooperative will use the funds to help finance modifications to capture and compress 3,000 tons per day of CO2 gas currently emitted from one of the Antelope Valley Station's units. A portion of the CO2 gas will be captured, cleaned, and transmitted by pipeline to a Canadian oilfield where it will be injected into oil bearing formations. This project will remove the CO2 gas from the environment and simultaneously prolong oil production.

            The Electric Loan program assists rural areas in the financing of construction of electric distribution, transmission, and generation facilities, including system improvements and replacement required to furnish and improve electric service, as well as demand side management, energy conservation programs and on-grid renewable energy systems.