US developer National Renewable Solutions (NRS) has closed US$145m in project financing for its 140MWac solar and 50MW storage project located in Rio Arriba County, New Mexico.
The Shallow Basket Project is under construction and is expected to be operational in 2025.
Deutsche Bank provided the construction financing and Guzman Energy will purchase 100% of the power and associated renewable attributes.
NRS developed Shallow Basket Project and will continue to own and operate the project, marking the company’s first project to finance and manage.
NRS held a groundbreaking event along with officials from the Jicarilla Apache Nation and Guzman Energy to commemorate the start of construction.
Jicarilla Apache Nation is leasing its land for Shallow Basket Project and will also benefit from power produced by the Shallow Basket Project through its wholesale supply agreement with Guzman Energy.
Bill Whitlock, chief executive of National Renewable Solutions, said: “The financing of Shallow Basket Project represents an exciting turning point for NRS.
“The culmination of years of planning, this solar and storage project supports our strategy of retaining our projects through operation.
“Thank you to Deutsche Bank for their support. We are grateful for the opportunity to grow our relationship with the Jicarilla Apache Nation as we complete construction and operate the project for the long haul.”
NRS selected Albuquerque-based Gridworks as the engineering, procurement and construction provider. Shallow Basket Project is expected to create 250 jobs over a 12-month construction period.