Funding Solar Projects In New Mexico
New Mexico Solar Programs & Incentives
SolRiver Capital funds solar projects across the country but we do have a keen interest in certain markets, like New Mexico.
We are interested in New Mexico because of it’s strong state programs and incentives for solar, including the PNM Active RFP and the El Paso Electric REC program. In addition, the state has a high volume of direct PPA’s and utility PPA’s with high-quality offtakers. If you’re working on a solar project in New Mexico, SolRiver will finance projects with schools, utilities, municipalities, and large corporations as offtakers.
PNM Active RFP
In New Mexico, the state utility, PNM, is seeking 456MW of generating capacity from 2019 to 2022, to replace the retirement of a coal plant. There is no strict solar allocation, but compelling energy economics should encourage developers to actively bid into the RFP.
SolRiver understands the RFP economics and is comfortable making investments in these projects.
Source: https://www.pnm.com/rfp
El Paso Electric REC
New Mexico’s El Paso Electric REC program provides incentives for customers connected to the utility’s grid with net metered systems that are <1000kW. RECs will be calculated by a separate meter and purchased monthly.
The El Paso Electric REC program can significantly enhance a project’s overall economics and help it clear SolRiver’s investment criteria.
Utility PPA’s
A Utility PPA is an agreement between a utility and a generator, in which the utility buys power from a solar system that’s interconnected to the utility grid. In addition to buying power, it’s common to see a utility purchase renewable energy credits or RECs.
New Mexico has an open RFP for nearly $1.5 billion in renewable energy projects by 2020. We expect numerous utility PPA’s for solar to be signed in the coming years.
Direct PPA’s
A direct power purchase agreement (“PPA”) refers to an agreement between a customer and a generator, in which the customer buys power from an on-site solar system. This is a plain-vanilla structure and very common for solar projects.
While direct PPA’s aren’t unique to New Mexico, there is a significant volume of projects with direct PPA’s in the state.
Types of Projects We Look For
If you’re a developer or installer in New York, SolRiver is interested in the types of projects below.
Schools
SolRiver funds projects with educational offtakers – elementary, high school, and colleges/universities (public and private).
Examples of projects that SoRiver would fund:
- 750kW carport with Rochester City School District
- 1MW ground mount with Cornell University
Utilities
SolRiver actively looks to provide capital for projects with utilities, including ConEd, NYSEG, National Grid, PSEG, LIPA, NYPA, Just Energy, and CH Energy.
Examples of projects that SoRiver would fund:
- 15MW ground mount with Central Hudson
- 30MW ground mount with ConEd
Municipalities
SolRiver can finance most municipal solar projects selling power to a local government, town, or city.
Examples of projects that SoRiver would fund:
- 1MW rooftop with Rochester City
- 5MW ground mount with LaGuardia Airport
Corporations
For corporate offtakers, SolRiver can generally fund projects with Fortune 1000 companies.
Example of a project that SolRiver would fund:
- 900kW rooftop with KPMG
Let’s Discuss Your Project
We’re ready to look at your project. To get in touch with us, pick the option below that’s easiest for you.
Send Email
Submit via Form
You can also use our online project intake form. Answer a handful of questions about the project and our team will be notified immediately.
Use Excel Sheet
Alternatively, we can provide you a short Excel worksheet with our project inputs. Simply email the file back to us with your information and we’ll be sure to review it.