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Some of the biggest business news of the week were on Journal front pages and not in Outlook because we needed to report the news timely, so I'll recap them here.
Another Singapore-based company announced it was planning to build a massive solar cell manufacturing facility in Albuquerque. Ebon Solar said it is planning a large-scale operation in Albuquerque's Mesa del Sol area.
The facility would take a $942 million investment and bring more than 900 jobs to the state. It would receive $10 million in Local Economic Development Act funds as well as city and county incentives.
If that sounds familiar, you're not crazy.
New Mexico officials have also announced that Maxeon Solar Technologies, which is also based in Singapore, is planning a massive solar cell manufacturing facility in Albuquerque's Mesa del Sol area.
That facility was also expected to receive a large amount of public financing, including $20 million in LEDA money.
It was originally supposed to break ground early this year. We're still waiting on an update for that story.
Maxeon has been accused of violating federal securities laws, has seen a major drop in stock value and received a significant investment from a Chinese company — which is now its largest shareholder — to shore up the company's balance sheet.
Both projects exemplify New Mexico's efforts to diversify its economy away from oil and gas extraction. They also reflect a key goal of the Inflation Reduction Act, which President Joe Biden signed into law in 2022. One of the goals of the law was to recruit solar cell manufacturing to the U.S. instead of competitor countries.
Speaking of billion-dollar transactions, Emera, the parent company of New Mexico Gas co., last week announced its intent to sell the utility to Bernhard Capital Partners for $1.252 billion.
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The Louisiana-based Bernhard said it would add about 70 jobs in New Mexico and keep operations the same. The company said it was committed to letting New Mexico Gas employees keep their jobs.
The company also said it wouldn't change rates for customers.
The sale would need approval from the New Mexico Public Regulation Commission.
The transaction comes on the heels of a yearslong effort by the Public Service Company of New Mexico to merge with Avangrid, which the PRC ultimately denied. New Mexico Gas and Bernhard officials told the Journal last week they were optimistic their transaction would get PRC approval.
Another big business story is the plan to open a popular local grocery store in the shopping center on Broadway and Avenida Cesar Chavez.
The site was previously Sol Supermarket and Stadium Liquors — both gems for Downtown, Barelas and surrounding neighborhoods. We reported last week that the owners of El Mezquite Market have purchased the property and plan to open another local grocery store in the shopping center after they complete a significant renovation of the property.
The market will likely benefit by being located in the middle of Downtown and the University of New Mexico's South Campus — both of which are the spot of significant revitalization efforts.
