Basin Electric hosts lenders meeting in Minneapolis

On April 7, 2025, Basin Electric hosted a meeting with financial lenders in Minneapolis, Minnesota, to discuss future capital needs of the cooperative. Around 50 lenders from more than 20 different banks and cooperative lending institutions attended the event.

Basin Electric is in the process of renewing and increasing its revolving credit facility, according to Basin Electric Vice President and Treasurer Sarah Scherm. The meeting was to provide an update about Basin Electric to existing and prospective lenders, including information about its capital projects, financial results, future financing plans, and sustainability report. The banks use the information to determine whether to commit funds toward the new facility, she said.

In general terms, a revolving credit facility is a flexible loan that allows businesses – or in this case cooperatives – to borrow, repay, and re-borrow up to a pre-approved limit. Basin Electric uses its credit facility to support its generation and transmission activities and projects.

Scherm said she deemed the meeting a success. “The information presented in the meeting was very well received,” she said. “The lenders are excited about the Basin Electric story and want to be a part of funding our future capital growth.”

Basin Electric typically hosts a lender meeting every one to two years, when, Scherm explained, “we gather the banks together and give them an overall company update. We also have individual virtual or in-person meetings with banks throughout the year to provide ongoing updates as needed.”

These meetings help reinforce relationships with lenders, something important to Basin Electric and its intended goals, which encompass providing its cooperative members with safe, reliable, and affordable power. 

“Meetings like this are an efficient way to get all of the bankers in a room at the same time so they receive the same information together,” Scherm said. “It is a great way for Basin Electric finance staff to network with our lenders and for the lenders to network with each other.”