Just ahead of the scheduled Monday announcement of the sale of the Coal Creek power plant to Bismarck-based Rainbow Energy Center, the North Dakota Industrial Commission approved the sale of bonds, with the money being used as a loan to a company that aims to purchase a high voltage power line which runs from the Coal Creek power plant near Underwood to Minnesota.
The high voltage direct current line runs 436 miles.
The $150 million bond issue will make funds available to Nexus Line LLC, allowing it to buy the line.
Bismarck-based Rainbow Energy Center is buying the plant. Both Rainbow Energy and Nexus Line are part of the same company.
The purchase of the power plant and the line in expected to be finalized this weekend.
"We hope that with all thing lining up, this weekend the sale of the plant will close," North Dakota Transmission Authority director John Weeda told the Industrial Commission. "This portion is associated with the transmission line."
"This is a great thing for North Dakota, to preserve both of those assets," Weeda said.
