U.S. renewable energy developer National Renewable Solutions (NRS) has secured $145 million in financing for its Shallow Basket solar-plus-storage project in Rio Arriba County, New Mexico. The 140MW solar and 50MW storage facility, under construction since August, is expected to become operational in 2024.
Deutsche Bank provided the construction financing, while wholesale power provider Guzman Energy has agreed to purchase all the project's output, along with renewable energy credits. The Jicarilla Apache Nation, which is leasing its land for the project, has a power supply agreement with Guzman for a portion of the energy generated at the site.
“The Shallow Basket Project embodies our commitment to a sustainable future and economic self-sufficiency for the Jicarilla Apache Nation,” said Nation President Adrian Notsinneh, emphasizing the project's role in environmental stewardship and economic growth.
Albuquerque-based contractor Gridworks is the engineering, procurement, and construction (EPC) provider for the project.
New Mexico has become a hub for utility-scale solar development, boasting around 2.8GW of installed capacity, according to the Solar Energy Industries Association (SEIA). Recent projects include Enlight Renewable Energy's 364MW, 1.2GWh solar-plus-storage facility commissioned in September and D.E. Shaw Renewable Investments' ongoing construction of a 130MW solar and 260MWh storage project.
These developments underscore the state's growing role in advancing renewable energy infrastructure in the U.S.
