Annual Report - CoBank

Power SupplyBANKING DIVISIONTri-State Generationand TransmissionTri-State Generation and TransmissionAssociation delivers electricity to 44 electricdistribution cooperatives serving 1.5 millionmembers across 200,000 square miles.It’s a formidable task – and one that requires aconsistent focus on long-term planning. That’sespecially due to continued rapid growth inits four-state service territory, which includesportions of Colorado, Nebraska, New Mexicoand Wyoming.In 2011, the Colorado-based generationand transmission cooperative purchased a272-megawatt natural gas-fired combined cyclepower plant in Fort Lupton, Colorado, and theColowyo Mine in northwest Colorado in orderto help meet future energy needs. CoBankserved as a lead arranger on a $500 millionrevolving credit facility used for both purchases.Given the scale of the transaction, CoBank alsosyndicated the deal to a group of partnersthat included commercial banks and otherFarm Credit institutions.“Transactions involving more than one bankcan get complicated, but CoBank took the leadon this one and made it much easier for all ofus,” Tri-State Chief Financial Officer Pat Bridgessays. “As a cooperative, we’re pleased to bepartners with a cooperative lender like CoBankbecause we share the same principles.”Todd Telesz, senior vice president and managerof CoBank’s Power Supply Banking Division,notes that serving rural electric cooperatives isa key part of CoBank’s broader mission.“Reliable, affordable electric power is essentialto the quality of life in rural communities servedby Tri-State and its member cooperatives,”Telesz says. “We’re extremely pleased to haveserved as Tri-State’s financial partner on thistransaction, and gratified to be able to helpthem meet the needs of their members.”Caroline White, Tri-StateSenior Manager, Corporate FinancePat Bridges, Tri-StateSenior Vice President andChief Financial OfficerJacquie Fredericks, CoBankManaging Director,Capital Markets DivisionBrock Taylor, CoBankVice President24COBANK 2011ANNUAL REPORT