Stark Power Signs Deal for Minnesota Energy Complex for Up to $43 Million

Stark Power announced on October 8 a binding agreement to acquire all rights in the Cottage Grove energy complex in Minnesota from Panamint Capital and Ultra Capital for consideration of up to $43 million. The complex includes a 262-megawatt combined-cycle gas plant that has operated since 1997. A planned battery project would provide 80 megawatts of power and 320 megawatt-hours of storage, with commercial operation expected in 2028. The initial payment is approximately $27.5 million, with up to $15.5 million deferred depending on battery-grid connection costs. The plant also carries approximately $126 million in existing debt.