National Renewable Solutions, a U.S.-based renewable energy developer, owner and operator, has closed $145 million in project financing from Deutsche Bank for the 140 MW solar and 50 MW storage project located in Rio Arriba County, New Mexico.
Albuquerque-based Gridworks was chosen as the engineering, procurement and construction provider for the Shallow Basket project, which is currently under construction and expected to be operational in 2025. Approximately 250 jobs will be created over a 12-month construction period, the developer reported.
Guzman Energy will purchase 100% of the power and associated renewable attributes, including renewable energy credits, through a power purchase agreement. In addition, Guzman Energy will operate and manage the battery storage system, including scheduling charging and discharging of stored energy.
The Shallow Basket project will use Boviet solar modules, Array Technologies’ DuraTrack HZ single-axis trackers and Sungrow inverters.
The groundbreaking event included 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.
“The Shallow Basket Project embodies our commitment to a sustainable future and economic self-sufficiency for the Jicarilla Apache Nation,” said President Adrian Notsinneh, 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.”
National Renewable Solutions is a renewable independent power producer (IPP) that originates, acquires and develops renewable energy projects throughout the U.S. at various stages, including from greenfield through operations. While National Renewable Solutions has developed more than 1.2 GW of projects, the Shallow Basket project will be the first that it has financed and managed. The IPP is owned by an investment fund managed by an investment management subsidiary of BlackRock, Inc.
