Iberdrola Renewables has won the commercial lease bid for a proposed wind energy project that could ultimately generate 1 GW of electricity and would be located on 33,600 acres of State Trust Land in Torrance County, N.M.
According to the New Mexico State Land Commission, the proposed El Cabo project could be built in several phases over the next 10 years, creating 1,600 construction jobs and up to 50 permanent positions. Phase I is designed to be approximately 300 MW.
"We are grateful to the State Land Office, whose vision and commitment to the sustainable development of state land encourages businesses like ours to explore investing here," comments Mark Stacy, Iberdrola Renewables' development director. "Winning this bid is an important achievement in our ongoing efforts to bring the El Cabo project to fruition. We look forward to continued collaboration with the State Land Office, Torrance County, and other community stakeholders as we work toward making this project a reality and bringing jobs and other economic benefits to the local communities and to the State of New Mexico."
State Land Commissioner Ray Powell says renewable energy leasing is a "new and growing source of income."
"Today, there are four existing wind energy projects located on State Trust Lands that are expected to earn more than $50 million over the life of the projects," explains Powell. "There are also nine pending applications that are projected to earn hundreds of millions of dollars in future years."