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Alphabet to directly finance Black Hills power expansion in Wyoming
The deal includes funding for a 564-megawatt power facility tied to Black Hills' natural gas and microgrid expansion.
Alphabet has entered into a definitive agreement to directly finance a natural gas and microgrid expansion with Black Hills Corp in Cheyenne, Wyoming, according to MarketBeat Ratings.
The financing supports a $1.8 billion, 564-megawatt power facility, which the outlet says is intended to address the electricity demand constraints facing AI data center buildouts.
MarketBeat Ratings frames the transaction as a shift in Black Hills' business mix, moving it from a regional power provider toward what it describes as a critical-infrastructure, AI-adjacent play with higher free cash flow potential.
The article also notes Alphabet revised its 2026 capital expenditure guidance upward to about $195 billion to $205 billion, with a significant portion earmarked for data centers that require uninterrupted baseload energy.
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