When the Michigan-based Cloverland Electric Cooperative had the chance to acquire a local investor-owned utility, its executive team leapt at the opportunity. And they looked to CoBank to help make it possible. 
The transaction, which closed in 2010, was a good organizational fit and a solid business move, taking the cooperative from 19,000 to 42,000 subscribers without dramatically expanding its geographic footprint on Michigan’s Upper Peninsula.
It also gave Cloverland ownership of a unique asset — the historic Edison Sault hydroelectric plant, which has served as a source of clean, renewable energy since 1902. The hydro plant is constructed from distinctive red-brown sandstone, and sits between Lake Superior and Lake Huron on the St. Marys River in Sault Ste. Marie, Michigan.
Spanning a quarter-mile, it is the longest hydroelectric plant in the world. With 74 turbines generating up to 30 megawatts of power, the plant was originally built to provide power for the nearby Union Carbide complex, but it was converted to serve the consumer market in 1964.
“This acquisition has been well received by our customers, creating some real efficiencies and allowing us to improve services across the board,” General Manager Dan Dasho said. “In addition, owning Edison Sault allows us to lock in a long-term, low-cost renewable power supply and offer the benefits to all of our members.”
Cloverland, which was founded in 1938 and today serves more islands than any other cooperative in the nation, selected CoBank to finance the acquisition. It was a competitive process, but Dasho said that CoBank’s team earned the business the old fashioned way — through a strong demonstration of customer service and deep industry knowledge.
"CoBank’s team was incredibly responsive to us, which was important because this was a very complex acquisition and the negotiations were extremely fast-paced,” Dasho said. “CoBank truly understood our needs and stepped forward to help us through this challenge. They were like a partner in the deal, and that was great for us.”