$145M Solar and Energy Storage Project in New Mexico Gets Boost from Deutsche Bank

National Renewable Solutions (NRS) has secured $145 million in project financing for the Shallow Basket Project, a solar and energy storage facility under construction in Rio Arriba County, New Mexico. The 140-MW solar array, coupled with a 50-MW storage system, is expected to begin operations in 2025.

Deutsche Bank is providing the construction financing for the project, while Guzman Energy has signed a deal to purchase all of the power generated, along with associated renewable energy credits (RECs). The power generated by the Shallow Basket Project will support Guzman Energy's wholesale customer base.

"This financing represents a significant milestone for NRS," said Bill Whitlock, CEO of National Renewable Solutions. "The project supports our long-term strategy to retain and operate our projects." The project is being developed in partnership with the Jicarilla Apache Nation, which is leasing land for the project and will also benefit from the generated power through a wholesale supply agreement with Guzman Energy.

Adrian Notsinneh, President of the Jicarilla Apache Nation, highlighted the project's contribution to environmental sustainability and economic growth for the community. "By harnessing renewable energy, we're ensuring prosperity for future generations," he said.

With Gridworks handling the engineering, procurement, and construction, the project is expected to create 250 jobs during its 12-month construction phase. Gridworks is known for its work on utility-scale clean energy projects across the U.S., including Escalante Solar and Ventura Energy Storage.

Source: energytech.com