NM Solar Project Wins Federal Funding

WASHINGTON, D.C. – A solar farm project under construction in the Eagle Nest area of northern New Mexico has won a $1.2 million federal loan, the United States Department of Agriculture (USDA) announced today.

Acting Assistant to the Secretary for Rural Development Joel Baxley announced the Eagle Nest loan as part of package of investments designed to upgrade rural electric systems across the U.S. and reduce energy costs. The package includes more than $7 million for projects across 10 states.

The Eagle Nest project is being overseen by Syncarpha Capital, a New York City-based investment firm dedicated to developing and operating commercial solar energy systems throughout North America.

Currently under construction, when completed the Eagle Nest site, located in Colfax County, some 30 miles northeast of Taos, will deliver enough clean, renewable energy to power more than 1,000 homes.

“USDA is a proud partner to utilities and cooperatives delivering reliable, affordable power to rural communities,” Acting Assistant Secretary Baxley said. “These loans will enhance rural economic development and help improve the quality of life for people who live and work in rural America.”

Under USDA’s Electric Loan Program funding is made available to improve rural electric infrastructure throughout the US. In addition to the Eagle Nest investment, projects in Georgia, Illinois, Iowa, Michigan, Minnesota, Mississippi, Missouri, North Carolina, North Dakota, South Dakota, Texas and Wisconsin will also receive funds. In addition to the New Mexico development these projects are designed to help build or improve 2,635 miles of line.

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov

The Interagency Task Force on Agriculture and Rural Prosperity was established in 2017 to identify legislative, regulatory and policy changes that could promote agriculture and prosperity in rural communities. Investing in rural infrastructure was a key recommendation of the task force.

Further details regarding all of the projects and funding announced today can be found at: https://www.rd.usda.gov/files/ElectricLoans_NRCHART_April2019.pdf

Further information on Syncarpha and the Eagle Nest project can be found at: http://syncarpha.com/under-construction/2018/7/3/4kpq78g68wey7yyslvfjazbi9if7eo