US and Canadian utility the Edmonton Power Corporation (EPCOR) has entered a partnership with solar developer SynerGen Solar to develop and build a 90MW PV project in New Mexico, US.
Under the partnership, EPCOR will develop a roughly 485-acre tract of land to the south of the city of Clovis, New Mexico, upon which SynerGen will develop, build, own and operate the 90MW PV site.
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EPCOR said that it will receive renewable energy credits (REC) from the project’s production, sufficient to offset its entire operations in Clovis, as well as leasing revenue for the land during construction and over the 25-year lease agreement.
Power from the site will be sold to the New Mexico state grid, which is in the PNM interconnection region.
SynerGen said that it expects the project to be online by 2031, subject to interconnection studies and permitting reviews. The company predominantly handles the development and financing of commercial & industrial (C&I) and non-profit focused solar projects.
New Mexico is an attractive state market for solar PV. Last month, developer Origis Energy secured over US$300 million in tax equity commitments to develop a 200MWac project in the state, which leveraged both the Investment Tax Credit (ITC) and Production Tax Credit (PTC) facilities under the Inflation Reduction Act (IRA).
Around the same time, US utility American Electric Power (AEP) sold its commercial utility-scale solar portfolio in New Mexico to Exus Holdings for US$230 million. The high cash value of the solar assets will enable AEP to continue its plans for transmission expansion and development in its regulated markets, as explored in a feature on PV Tech Premium last month.