New Mexico to market 'green bonds' for energy conservation - battery storage systems
SANTA FE, N. M. (AP) —
New Mexico plans to issue a special green bond because it borrowed about $12 million to complete the efficiency and renewable energy upgrade of a batch of state-owned buildings in the capital.
The New Mexico monetary authority's board of directors approved additional borrowing on Thursday to help fund improvements in about 30 state institution buildings in Santa Fe.
The project has upgraded or added new solar panels, supporting battery storage, power transformers, doors, windows, and heating and cooling systems. Gov.
Michelle Lujan Grisham and the legislature have approved the country's direct expenditure of $20 million on the project in an effort to reduce energy costs and limit contributions to climate change.
The General Services Department expects the utility costs of the affected buildings to be reduced by 50%, mainly electricity costs, guaranteeing a savings of $1 per year.
1 million agreement with Trane US. Inc.
A subsidiary of German multinational company Ingersoll Rand.
Thursday's decision marks the state's potential entry into the green bond market, attracting socially conscious investors, including non-profit organizations and certain pension funds.
Zack Dillenback, Chief loan officer of the Monetary Authority, said it was too early to judge whether the marketing of green bonds would save the country's extra money by reducing borrowing costs.
Prove that the environmental benefits of the "green" construction project may require additional expenditure --
And attract more investors.
"This opens the door for different investors looking specifically for green bond credit," Dillenback told the board of the Monetary Authority . ".
"This may be helpful in some case studies.
It even lowered the price a little.
"At least 19 buildings will be equipped to generate electricity under two buildings. year project.
At present, both buildings supervised by the Integrated Services Department are equipped with roof solar energy.
General Affairs Minister Ken Ortiz said Trane's direct staff on the project were in New Mexico and 7 of the 11 subcontractors were local businesses.
The governor's residence of Santa Fe is the only qualified building not included in the upgrade.
Erica Velarde, an energy engineer at General Service, said the decision was made during last year's Republican administration.
Suzanne Martinez
"This is something that the government is not pushing or wants, so we are just getting away from it," she said . ".