National Renewable Solutions (NRS), a renewable energy project developer, secured $145 million in project financing for the 140 MW solar and 50 MW storage Shallow Basket Project in Rio Arriba County, New Mexico. Deutsche Bank provided the construction financing for the project.
The project, located about 30 miles west of Cuba, New Mexico, is currently under construction and is expected to reach commercial operation in 2025.
Guzman Energy will purchase 100% of the electricity produced from the project. The Jicarilla Apache Nation is leasing its land for the project, benefitting from the power produced through its wholesale supply agreement with Guzman Energy.
Albuquerque-based Gridworks will provide engineering, procurement, and construction services, while NRS will continue to own and operate the project. According to NRS, the project is expected to generate 250 jobs upon completion.
“The Shallow Basket Project embodies our commitment to a sustainable future and economic self-sufficiency for the Jicarilla Apache Nation,” said President Adrian Notsinneh, Jicarilla Apache Nation. “By harnessing renewable energy on our lands, we’re building a legacy of environmental stewardship. We are protecting our environment and creating new opportunities for economic growth that will ensure prosperity for future generations.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Last month, Clearway Energy Group, a developer and operator of clean energy projects, announced the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
