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Commission backs inducement for 50 MW Corazon battery storage project; IRB par amount set at $225M
Summary
Bernalillo County approved an inducement resolution for Corazon Energy Storage LLC to support a proposed standalone battery energy storage system near Parajito Mesa; the company will seek equipment tax exemptions under a proposed IRB and staff outlined a 20‑year term and a plan to begin construction in 2026.
Bernalillo County commissioners voted unanimously to adopt an inducement resolution for Corazon Energy Storage LLC, clearing the way for an equipment‑only industrial revenue bond (IRB) that staff said would support a battery energy storage facility near Parajito Mesa.
County economic development staff said the project — being developed by Plus Power as parent company for Corazon — plans to deliver 50 megawatts of grid capacity and would be completed with approximately $190,000,000 in capital investment. Staff identified the IRB par amount at $225,000,000 (equipment only), a proposed 20‑year term and a payment‑in‑lieu‑of‑taxes (PILOT) equal to 10% of the…
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