A Bismarck energy firm is buying the Coal Creek Station power plant, near Underwood, from Great River Energy.
Rainbow Energy Marketing is also buying the high voltage direct current power line that runs from the plat into Minnesota.
Rainbow Energy plans to close on the purchases later this year. The price has not yet been revealed.
Great River had planned to shut the plant down in 2022, if a buyer couldn't be found.
Rainbow president Stacy Tschider told reporters Great River Energy has signed power purchase agreements for the electricity produced by the plant, as well as renewable energy that can be put on that high voltage line. Tschider also said there will be a carbon capture project that goes along with the plant.
"We're talking about the biggest plant, the most efficient plant in North Dakota," Tschider said. "This will be the state-of-the-art plant with carbon capture."
Tschider said the Great River site has 44,000 acres of storage available.
"I want to be a part of the solution," Tschider said. "And that solution is taking coal to the next level. That will come through carbon capture."
Tschider said he expects the carbon capture project to be up and running in five years or less.
The existing workforce at Coal Creek will stay with Rainbow.
