Minnkota received approval of a $150 million loan to help advance its Project Tundra carbon capture initiative at the Milton R. Young Station.
The loan was authorized by the North Dakota Industrial Commission on July 28 and will be an important component of the project’s capital financing strategy. The funding is made available through the state’s Clean Sustainable Energy Authority (CSEA) and will be furnished by the Bank of North Dakota. The $150 million loan is in addition to a similar $100 CSEA loan approved in 2022.
“On behalf of Minnkota, I would like to thank the state of North Dakota for its strong support of Project Tundra and its visionary leadership in developing programs to help us advance transformational energy technologies,” said Mac McLennan, Minnkota president and CEO. “Securing this loan shows the investment community that we have the close partnerships in place to make this project a reality.”
Minnkota anticipates making a decision on whether to move forward with construction of Project Tundra in early 2024.