Black Hills Corp. updates on a 1.8-gigawatt data center project in Wyoming, confirming ongoing progress and customer collaboration.
Quiver AI Summary
Black Hills Corp. has announced progress on a proposed 1.8-gigawatt data center project in Cheyenne, Wyoming, which is set to begin operations in early 2028. Although Crusoe is no longer the development partner, Black Hills is working diligently with a large-load customer who has already contributed over $200 million to support construction milestones. The company has secured agreements for procurement of essential generation equipment and filed a certificate of public convenience and necessity for a supporting substation. CEO Linn Evans emphasized the company's commitment to delivering necessary infrastructure to meet the energy needs of the customer, positioning the project as a significant growth opportunity for Black Hills Corp.
Potential Positives
- The project remains on track for service to begin in early 2028, indicating strong progress and commitment from Black Hills Corp.
- The large-load customer has contributed over $200 million in refundable contributions for construction, demonstrating financial backing and support for the project.
- The completion of a substation agreement and the filing of a CPCN for a substation signifies proactive steps toward project infrastructure development.
Potential Negatives
- Crusoe is no longer the development partner for the data center project, which may raise concerns about the project's stability and future prospects.
- The reliance on a large-load customer for significant financial contributions ($200 million) introduces risk; if the customer withdraws support, the project could face funding challenges.
- The press release highlights that the project's future timing is still uncertain, with expectations for service to begin in early 2028, which may indicate potential delays or complications in development.
FAQ
What is the status of the 1.8-gigawatt data center project in Cheyenne?
The project is advancing as planned, with service expected to begin in early 2028.
Who is the customer supporting the data center project?
While the partner, Crusoe, is no longer involved, a large-load customer is supporting the project.
What contributions has the customer made for the project?
The customer has provided over $200 million in refundable contributions to aid construction and milestone payments.
What agreements has Black Hills Corp. secured for this project?
The company has executed a substation agreement and filed a CPCN for a substation to support the project.
Where can I find more information about Black Hills Corporation?
More information is available on their official website at www.blackhillscorp.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BKH Insider Trading Activity
$BKH insiders have traded $BKH stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $BKH stock by insiders over the last 6 months:
- ROBERT P OTTO sold 4,109 shares for an estimated $304,969
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$BKH Revenue
$BKH had revenues of $780.7M in Q1 2026. This is a decrease of -3.04% from the same period in the prior year.
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$BKH Hedge Fund Activity
We have seen 239 institutional investors add shares of $BKH stock to their portfolio, and 217 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ADAGE CAPITAL PARTNERS GP, L.L.C. added 1,494,827 shares (+260.0%) to their portfolio in Q1 2026, for an estimated $103,755,942
- TWO SIGMA INVESTMENTS, LP added 1,039,059 shares (+88.3%) to their portfolio in Q1 2026, for an estimated $72,121,085
- TWO SIGMA ADVISERS, LP added 861,702 shares (+739.7%) to their portfolio in Q4 2025, for an estimated $59,819,352
- CITADEL ADVISORS LLC added 802,346 shares (+797.0%) to their portfolio in Q1 2026, for an estimated $55,690,835
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$BKH Price Targets
Multiple analysts have issued price targets for $BKH recently. We have seen 3 analysts offer price targets for $BKH in the last 6 months, with a median target of $77.0.
Here are some recent targets:
- Edward DeArias from BMO Capital set a target price of $91.0 on 04/15/2026
- Ross Fowler from B of A Securities set a target price of $76.0 on 04/09/2026
- Paul Fremont from Ladenburg Thalmann set a target price of $77.0 on 04/01/2026
Full Release
RAPID CITY, S.D., June 10, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today provided an update on development activity associated with a proposed 1.8-gigawatt data center project in Cheyenne, Wyoming.
The company is continuing to advance the project and is working directly with the potential large-load customer. While Crusoe is no longer the development partner for this project, the project continues to progress as planned and is tracking for service to begin in early 2028.
“We remain committed to supporting the project’s data center customer and delivering the infrastructure necessary to meet their long-term energy needs,” said Linn Evans, president and CEO of Black Hills Corp. “The 1.8-gigawatt project has not been paused and continues to represent a significant opportunity for the company. Our efforts remain fully directed toward successfully delivering the project.”
In April 2026, the company’s electric utility subsidiary in Wyoming entered into an agreement to procure long lead-time generation equipment with the prospective customer to support the project, which is expected to be served under the Wyoming utility’s Large Power Contract Service Tariff. The customer has provided over $200 million in refundable contributions in aid of construction to date in support of milestone payments to secure generation equipment. Additionally, the company executed a substation agreement with the large-load customer and filed a CPCN for a substation to support the project in January 2026.
About Black Hills Corporation
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at
www.blackhillscorp.com
.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, the expected timing, scope and benefits of the Cheyenne data center project, the timing and availability of equipment and milestone payments related thereto and the timing of regulatory or licensing approvals. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2025 Annual Report on Form 10-K and other reports that we file with the SEC from time to time.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations
Sal Diaz
[email protected]
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