National Renewable Solutions (NRS) has closed on $145 million in project financing for its Shallow Basket Project, a 140 MW solar and 50 MW storage project located in Rio Arriba County, N.M. 

The project is under construction and is expected to be operational next year. NRS developed the project and will continue to own and operate it.

Deutsche Bank provided the construction financing. Guzman Energy is set to purchase 100% of the power and associated renewable attributes.

Jicarilla Apache Nation is leasing its land for Shallow Basket and will also benefit from power produced by the project through its wholesale supply agreement with Guzman Energy.

“The financing of Shallow Basket Project represents an exciting turning point for NRS,” says Bill Whitlock, CEO of NRS.

“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.”

Albuquerque-based Gridworks is the engineering, procurement and construction provider.

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Developer Secures Project Financing for Shallow Basket Project