Black Hills Corp. completes hydroelectric assets sale

RAPID CITY, S.D., Oct. 3, 2003 — Black Hills Corp. has announced the completion of the sale of its ownership interests in seven hydroelectric power plants located in upstate New York. The purchasers were affiliates of Boralex Inc., a Canadian corporation, and Boralex Power Income Fund, an unincorporated Canadian trust of which Boralex owns an interest.

The sale proceeds were approximately US$186 million. Concurrent with this transaction, the Company paid off the remaining amount of project-level debt and related interest rate swaps associated with these assets, which totaled approximately $91 million. Remaining cash proceeds from the sale are expected to be used to repay other corporate or subsidiary-level debt, or for other corporate purposes.

About Black Hills Corporation

Black Hills Corporation is a diverse energy and communications company. Black Hills Energy, our wholesale energy unit, generates electricity, produces natural gas, oil and coal and markets energy; Black Hills Power is our electric utility serving western South Dakota, northeastern Wyoming and southeastern Montana; and Black Hills FiberCom, our broadband communications company, offers bundled telephone, high speed Internet and cable entertainment services.

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