US renewable energy developer National Renewable Solutions (NRS) has secured US$145 million in project financing for a 140MW/50MW solar-plus-storage project in New Mexico.
Construction financing for the Shallow Basket Project in Rio Arriba County, New Mexico, came from Deutsche Bank. The construction began in August and the project is expected to be operational next year.
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Wholesale power provider Guzman Energy has an agreement in place to purchase the entirety of the project’s output and the associated renewable energy credits. The Jicarilla Apache Nation, an indigenous North American group, is leasing its land for the project and has a supply agreement in place with Guzman for some of the power produced at the site.
Jicarilla is a Mexican Spanish word which translates to “little basket” or “shallow basket”.
Albuquerque-based contractor Gridworks was selected as the engineering, procurement and construction (EPC) provider.
“The Shallow Basket Project embodies our commitment to a sustainable future and economic self-sufficiency for the Jicarilla Apache Nation,” said President Adrian Notsinneh of the 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.”
New Mexico is a growing market for US solar deployments. According to the Solar Energy Industries Association (SEIA) the state has the 17th highest installed solar capacity in the US (as of Q2 2024). The state’s roughly 2.8GW of installed capacity is dominated by utility-scale projects like the Shallow Basket site.
Moreover, recent months have seen a number of large solar-plus-storage projects in development and construction. In September, Enlight Renewable Energy commissioned a 364MW, 1.2GWh solar-plus-storage project in the state. A month prior, D.E Shaw Renewable Investments (DESRI) began construction on another 130MW solar, 260MWh energy storage project.
