Posts Tagged ‘ industrial revenue bonds ’

Rio Rancho NM Becomes Home to Green2V Solar Cell Manufacturing Plant

Written by Mark T Fiedler - The Mark and Sheila Team
April 7th, 2010

New Mexico State and Rio Rancho City leaders announced today that Green2V will construct a one million sq foot manufacturing facility in the City of Vision. The company plans to break ground within the month on a 124 acre site to be acquired from the State Land Office.  As with all such transactions, the process is a little complicated – The City of Rio Rancho will buy the land from the State for $6.9 Million. Green2v will supply the land purchase money to the city.  Rio Rancho will speed the project through permitting and approval processes, and will be installing $7.2 Million worth of roads, sewers and other infrastructure.  Part of the facility’s contruction costs will be financed by $500 Million in Industrial Revenue Bonds issued by the city, to be paid off by Green2V over time.  Certain taxes on property and capital equipment will probably be waived for a period of time, as is common to entice a project of this size to locate here.

The construction will be done in phases over a 5 year period. The first phase will hopefully be completed in time to make and ship product by Summer, 2011.  Eventually the plant may employ 1500 workers.

Green2V’s CEO, Bill Sheppard was formerly a Vice President at Intel, and was partly responsible for much of the expansion of that plant in the early 2000’s. The company’s slogan –  “Sand to Kilowatts” refers to the fact that they intend to control all aspects of their product creation, from the raw materials to distribution and installation.