Affordable Solar Plans Albuquerque, New Mexico, Expansion
Affordable Solar, which currently has 141 employees, expects the expansion to be completed by the end of 2021. According to state officials, New Mexico and the City of Albuquerque pledged economic assistance, contingent upon approval by the Albuquerque City Council action.
“We see a fairly robust transition to renewable energy and we anticipate there will be federal policy that drives that,” Affordable Solar CEO Ryan Centerwall said. "We are very excited to be able to continue to grow and expand in New Mexico as we pursue our mission of transforming the nation’s energy infrastructure. We are extremely grateful for the support from the State of New Mexico, the City of Albuquerque, and Albuquerque Economic Development and commend their focus on economic development in our state."
The State has pledged $500,000 in assistance from the New Mexico Economic Development Department’s LEDA job-creation fund. The City of Albuquerque has committed to $125,000 in Local Economic Development Act (LEDA) funds, contingent upon a positive fiscal impact analysis.
“The partnerships Affordable Solar has forged with state and local governments are what we do best in New Mexico,” N.M. Economic Development Cabinet Secretary Alicia J. Keyes said. “The incentives and tools we can offer are helping businesses invest with more confidence so they can grow and create higher-paying jobs now, when we need them.”
The City of Albuquerque has tentatively pledged another critical incentive, Industrial Revenue Bonds, to assist with the project, pending public review and approval by the Albuquerque City Council. Affordable Solar is requesting $7.5 million in IRBs to finance the purchase, renovation, and rehabilitation of its business site, consisting of 3.5 acres of land and an office building. This will become their corporate headquarters, as well as its center for manufacturing, assembly, and distribution. The projected jobs will be created over a five-year period and will enable the company to reach a payroll of $12.8 million.
“We support strategic expansion and retention of businesses that complement Albuquerque’s existing strengths,” City of Albuquerque Economic Development Director Synthia R. Jaramillo said. “We’re working to build up businesses, and making these incentives available is part of how we will boost local businesses in recovery.”
The City is the fiscal agent for the LEDA awards, which are contingent on the company reaching economic development benchmarks, including protecting the community and state's interests related to employee headcounts and potential facility closures. The company has also been awarded $882,555 from the NM Economic Development's Job Training Incentive Program (JTIP) to train new workers and upskill those seeking a higher wage.
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