Energy start-up to construct $500m PV manufacturing plant in Rio Rancho

Start-up energy company Green2V has announced that it will spend US$500 million over the next five years to build a 1 million-square-foot plant in Rio Rancho that will potentially provide 1,500 jobs in the area. The company will use the facility to manufacture solar cells and modular glass frames and will design, install, operate and finance the systems, reports New Mexico Business Weekly.

Green2V CEO Bill Sheppard said, "Part of the reason for making the announcement today is that we are starting to go through the public process of going through planning and permits. We've got our first facility designed and have chosen the contractor already."

The project involves the sale of 124 acres of land held by the New Mexico State Land Office to the city of Rio Rancho, which will purchase the three separate tracts from the state Land Office for US$6.9 million with finance provided by Green2V. The proceeds from the sale will go into the state's Land Grant Permanent Fund.

Initial funding for the project will come from GP3 in Los Angeles, and its CEO George Peters. The firm has committed to purchase the first round of IRBs issued by Rio Rancho.

"The demand for solar energy is already outpacing the available supply and infrastructure," Peters said. "Green2V has the business model, management experience and the vision to intersect the market at the most opportune time. We are excited to be part of that journey."

Green2V hopes to begin delivering its solar energy systems to customers by the summer of 2011.