National Renewable Solutions Secures $145 Million in Project Financing for New Mexico Shallow Basket Project

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Nov 19, 2024, 10:00 ET

140 MW solar and 50 MW storage project will benefit Jicarilla Apache Nation

MINNETONKA, Minn. and CUBA, N.M., Nov. 19, 2024 /PRNewswire/ -- National Renewable Solutions ("NRS"), a US-based renewable energy developer, owner and operator, announced today that it has closed $145 million in project financing for its 140 MWac solar and 50 MW storage project located in Rio Arriba County, New Mexico, about 30 miles west of Cuba, NM (the "Shallow Basket Project"). The Shallow Basket Project is under construction and is expected to be operational in 2025.

Deutsche Bank provided the construction financing. Guzman Energy will purchase 100 percent of the power and associated renewable attributes. An experienced developer with more than 1.2 GW of projects commercialized, NRS developed Shallow Basket Project and will continue to own and operate the project, marking the company's first project to finance and manage.

"We are proud to support NRS with the financing of the Shallow Basket Project," said Jeremy Eisman, Head of Infrastructure & Energy Financing at Deutsche Bank. "This project builds on Deutsche Bank's dedication and expertise in providing bespoke and creative capital solutions to support the renewable energy transition."

NRS held a groundbreaking event along with 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."

"The financing of Shallow Basket Project represents an exciting turning point for NRS," said Bill Whitlock, CEO, National Renewable Solutions. "The culmination of years of planning, this solar and storage project supports our strategy of retaining our projects through operation. Thank you to Deutsche Bank for their support. We are grateful for the opportunity to grow our relationship with the Jicarilla Apache Nation as we complete construction and operate the project for the long haul."

NRS selected Albuquerque-based Gridworks as the engineering, procurement and construction provider. Shallow Basket Project is expected to create 250 jobs over a 12-month construction period.

About National Renewable Solutions
NRS is an emerging renewable IPP which has a rich history and success deploying a community-based stakeholder engagement model for its utility scale wind and solar projects. Founded in 2011, NRS originates, acquires, and develops renewable energy projects throughout the US at various stages, including from greenfield through operations. NRS is owned by an investment fund managed by a subsidiary of BlackRock, Inc. and with its capital markets support and global reach, NRS has positioned itself as a major player in the U.S. renewable energy market. For more information on National Renewable Solutions, please visit www.natrs.com.

SOURCE National Renewable Solutions