SantaFeToday.com Santa Fe’s Hometown News
By State Land Commissioner
SANTA FE, NM – State Land Commissioner Aubrey Dunn this week announced he has issued a lease to Cowboy Mesa, LLC to construct and operate a 20 megawatt (MW) wind farm on State Trust Lands nine miles northeast of Corona in Torrance County. Public schools are the beneficiary of revenues earned from the lease.
The 1,647-acre project is sited entirely on State Trust Lands and will have the capacity to power 6,000 homes.
Upon execution of the lease, Cowboy Mesa, LLC paid a $150,000 bonus and will pay the State Land Office $3,295 per year in rent until commercial operations commence. After operations begin the base rent will increase to $107,222 per year, plus 4.5 percent of gross revenues to the extent the percentage of revenues exceeds the operational base rent. The term of the lease is 50 years.
Cowboy Mesa, LLC’s parent company, San Francisco-based Pattern Energy, has a portfolio of 20 renewable energy facilities, with a total owned interest of 2,736 MW in the United States, Canada and Chile that use proven, best-in-class technology.
“The strategic location of State Trust Lands within renewable energy resource areas creates significant opportunities for the State Land Office,” said Commissioner Dunn. “These projects are vital to our efforts to diversify our portfolio, generate additional revenue for the trust beneficiaries, and create economic investment and employment opportunities in New Mexico.”
There are now 12 active utility-scale wind and solar power projects on State Trust Lands which will generate nearly $220 million over the course of their respective lease terms.
