EMNRD seeks viable clean-energy projects in need of funding

Michelle Lujan Grisham, Governor

Melanie A. Kenderdine, Cabinet Secretary Designate

Ben Shelton, Acting Deputy Cabinet Secretary

Rebecca “Puck” Stair, Energy Conservation and Management Division Director

FOR IMMEDIATE RELEASE:

Contact: Sidney Hill

Public Information Officer, EMNRD

sidney.hill@emnrd.nm.gov

August 21, 2024

EMNRD seeks viable clean-energy projects in need of funding

Project search is part of agency’s quest to gain State Energy Financing Institution designation

SANTA FE – The New Mexico Energy, Minerals and Natural Resources Department’s (EMNRD) Energy Conservation and Management Division (ECAM) is looking for public- and private-sector organizations that need help financing clean energy projects.

This request for information is related to ECAM’s effort to be designated a State Energy Financing Institution (SEFI). The SEFI designation, imparted by the U.S. Department of Energy’s (DOE) Loan Program Office (LPO), will allow ECAM to help organizations—including private businesses, non-profits or even governmental entities—secure funding for projects that align with both the state and federal governments’ clean-energy priorities.

“Establishing a SEFI will enable us to better support Gov. Michelle Lujan Grisham’s vision of diversifying New Mexico’s economy by developing a thriving clean-energy sector,” said EMNRD Secretary-Designate Melanie Kenderdine . “The SEFI is an especially effective vehicle for establishing new businesses in rural and tribal communities, which are often overlooked by traditional financial institutions.”

EMNRD’s application for SEFI designation must include at least one project it would recommend for initial funding. The LPO will provide up to 80% of the project’s capital in the form of low-interest loans. The SEFI, which in this case would be EMRND’s ECAM division, must provide “meaningful support” equivalent to 5% to 20% of the project’s capital. That support could be in the form of grants, loans, tax credits or even state land as long as it constitutes at least 5% to 20% of the project’s total capital.

“We have issued an informal Request for Information (RFI) that we hope will attract interest from multiple entities with an idea for a viable clean-energy project that needs financial support,” said ECAM Division Director Rebecca “Puck” Stair .

The SEFI will review and vet project applications and submit those that meet LPO funding criteria to the LPO, which ultimately decides which projects get funded.

The LPO has stated a preference for funding projects valued at $100 million or more. However, SEFIs or applicants can bundle multiple projects totaling $100 million and present them in a single application. So, applicants are encouraged to submit smaller projects as well.

Projects across the clean-energy space—from simple renewable energy systems to advanced grid modernization technologies—can qualify for SEFI funding. The RFI document containing program details—including the types of projects that qualify—is available on EMNRD’s website .

EMNRD is hosting a virtual meeting on Friday, August 30 from 3 to 4:30 p.m. to provide more details about the program. Interested parties can register for the virtual meeting here .

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Sidney Hill

Public Information Officer

New Mexico Energy, Minerals and Natural Resources Department (EMNRD)

Email: sidney.hill@emnrd.nm.gov

Phone: 505-629-2900