Utility Public Service Company of New Mexico’s (PNM) plan to procure energy from 950MW of solar and storage facilities by 2022 and replace its retiring 562MW San Juan Generating Station coal plant has been handed a boost.
Arroyo Solar and Storage Project, a 300MWac solar PV plant with 150MWac / 600MWh of colocated battery storage in New Mexico’s McKinley County, will be the largest of the new clean energy resources PNM will lean on.
PNM has signed two separate off take contracts for the plant’s solar and storage output. The utility is targeting reaching 100% emissions-free electricity by 2040.
Yesterday, DE Shaw Renewable Investments (DSRI), a developer, owner and operator of long-term contracted renewable energy assets said it has acquired the project from original developer Centaurus Renewable Energy and also closed debt financing.
Centaurus had brokered the long-term deals with PNM and in July closed a US$70 million construction bridge loan facility in order to make progress on the project before DSRI bought it.