Commission backs inducement for 50 MW Corazon battery storage project; IRB par amount set at $225M

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 mill rate; staff estimated the county share at about $84,210 annually. Staff said the company will continue to pay property taxes on the project’s three parcels and is applying for gross receipts and personal property tax exemptions on equipment only.

Staff noted Corazon and a separate local project (SunLasso) were among projects selected by PNM in a 2026‑2027 request for proposals. The county presentation said construction is expected to begin in the third quarter of 2026, with operations targeted for the fourth quarter of 2027; long lead times for specialized equipment were cited as a reason to advance the inducement now. Staff also said the project underwent public engagement during the county special‑use permit process and that no negative comments were reported from nearby landowners.

Ms. Tobias, an economic development staff member presenting the item, described reporting and monitoring requirements with PNM and the county. “Today, what's being approved by the county is the introduction or the inducement resolution for this IRB project,” she told commissioners.

Staff said the development would generate 40 to 70 local construction jobs — with prevailing wages under state statute — and one full‑time contract maintenance position for ongoing operations. The state’s renewable‑energy statute requires a separate PILOT to local schools; staff said that process is separate and not included in the county PILOT figures presented.

Commissioner Barbara Baca and others praised the project’s contribution to renewable‑energy goals and grid stability. After a motion and second, the commission approved the inducement resolution on a roll‑call vote (Frank Baca, Benson, Barbara Baca, Vice Chair Barboa and Chair Olivas recorded as voting yes).

The inducement resolution sets the county’s approval stance but does not, by staff description, include county lending of credit; staff said a final ordinance adoption would follow later, tentatively around June, before a closing before year‑end.