PNM inks deal over 40-MW solar plan in New Mexico

Sep 26, 2014 - US utility Public Service Company of New Mexico (PNM) on Thursday said it had reached an agreement with state regulators on its plan to install 40 MW of solar farms next year.

The company, part of energy holding PNM Resources (NYSE:PNM), said in June it intends to build four 10-MW photovoltaic (PV) facilities for a total investment of USD 79 million (EUR 70.7m). At that time, PNM filed an application with the New Mexico Public Regulation Commission (PRC) for the project. Its goal is to achieve by 2016 the needed capacity to generate enough power for about 40,000 average households.

The deal is pending clearance by certain regulators.

The utility has organised a competitive bidding process and selected a joint venture between local firm Affordable Solar Inc and GranSolar SA to construct two of the plants. Juwi Solar Inc, part of German green projects developer Juwi AG, will build the other two. Together with the four plants, PNM’s installed solar capacity will grow to 107 MW, the firm said previously.

According to New Mexico’s requirements, state utilities will have to source 15% of their total power from renewables in 2016, as compared to 10% at present.

(USD 1.0 = EUR 0.787)

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