Sandoval County declares intent to issue up to $497M industrial revenue bond for large solar and battery project

The Sandoval County Board of County Commissioners on May 28 adopted a nonbinding resolution declaring the county’s intent to approve an ordinance that would enable an industrial revenue bond (IRB) of up to $497,000,000 for a solar generation and battery storage facility proposed by PCR Investments SP4 LLC.

County staff and bond counsel told the board the project would include about 220 megawatts of solar and 10 megawatts of battery storage on roughly 1,833 acres on the east side of the Sandia Mountains, near the border between Sandoval and Santa Fe counties. Construction is expected to begin in the second quarter of 2027 and power production to start in the first quarter of 2029, officials said.

The resolution the board approved is a declaration of intent — not the final IRB ordinance — and it authorizes staff to publish a notice of intent, begin drafting bond documents (including an indenture and lease), and negotiate a payment‑in‑lieu‑of‑taxes (PILOT) arrangement. Jill Sweeney, bond counsel with the Taft law firm, summarized the role of the measure: “It really is the…