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Power · Evidence brief

Black Hills signs 2.7 GW Google Cheyenne power agreements

Black Hills Corp. + Google

Primary sourceSEC summary2026-10-06
Deal structureDefinitive large-load power-service and generation-facilities agreements
GeographyCheyenne, Wyoming, United States (Cheyenne Prairie Generating Station expansion; planned Google data center)
Infrastructure layersPower + data centers + hyperscalers
Disclosed scale2.7 GW total resource mix including reserve margins for a planned Google Cheyenne data center: up to 590 MW grid-connected service (564 MW new company-owned gas generation at Cheyenne Prairie plus 26 MW market/tariff energy) and about 2.1 GW of third-party contracted resources on a privately managed microgrid; $1.8B Black Hills generation investment 2027–2029; contract term through 2048

Why it matters

The strategic read

Locks a named Google Wyoming campus into a 2.7 GW power stack with signed LPCSA and GFA documents through 2048, including $1.8B of utility-affiliate gas generation. The 2.7 GW mix includes reserve margins and 2.1 GW of third-party resources Black Hills will manage, not 2.7 GW of Black Hills-owned plant or disclosed Google IT load.

Source-supported terms

What was disclosed

  1. 01

    Definitive LPCSA and GFA announced October 6, 2026, effective September 30, 2026, through 2048, for a planned Google data center in Cheyenne, Wyoming.

  2. 02

    Total resource mix is 2.7 GW including reserve margins and excluding additional transmission investment. That mix is not disclosed as Google IT critical load.

  3. 03

    Grid-connected service is up to 590 MW: 564 MW nameplate new gas at Cheyenne Prairie plus 26 MW market/tariff energy.

  4. 04

    About 2.1 GW is third-party contracted Wyoming resources that Black Hills will manage on a private microgrid, not Black Hills-owned generation.

  5. 05

    $1.8 billion is Black Hills’ planned 2027–2029 generation capex. Google’s $399 million is a refundable equipment advance, not the deal value.

  6. 06

    Service is planned for late 2027 with peak load in 2030. Additional transmission CPCNs and remaining siting items are still in process. The data center itself is described as planned.

Disclosure boundary

What is known—and what is not

Primary SEC-filed issuer release. Agreements are described as definitive, with Google bearing project costs and credit/termination protections. 2.7 GW includes reserve margins. $1.8B is Black Hills generation capex, not Google contracted revenue. $2.4B unlevered free cash flow is a projection. Campus street address, IT MW, third-party resource owners, and remaining transmission approvals are not in the exhibit.