Texas-based Triangle Gallegos LP has won the lease bid for an up-to-500 MW wind project in New Mexico.
The project will be located on about 19,000 acres of New Mexico State Trust Land and 31,000 acres of private land 35 miles west of Clayton in Union County. The wind farm could ultimately feature 285 wind turbines and will be built in two phases starting in 2015. Lucky Corridor LLC will provide transmission service.
Triangle Gallegos LP, a joint venture between Triangle Cattle Co. Ltd. and Gallegos Wind Farm LLC, has agreed to lease payment terms that are estimated to generate $47 million of revenue for State Trust Land beneficiaries over the 45-year project life.
"A new and growing source of income for the State Land Office is renewable energy leasing, which has become the largest growth area for our Commercial Resources Division," says New Mexico State Land Commissioner Ray Powell.
"With the wind and solar projects in the pipeline, the Land Office will generate hundreds of millions of dollars in future years for support of our public schools, universities and hospitals throughout the state," he adds.
