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City of Farmington and Enchant Energy Sign AgreementEnchant Energy to acquire 95% Interest in San Juan Generating Station in 2022
Farmington, N.M. – The City of Farmington and Enchant Energy Corporation announce they’ve signed an agreement for Enchant Energy to acquire 95% ownership interest in the 847-megawatt San Juan Generating Station (SJGS) from the participants exiting in 2022. The City will retain its current 5% ownership in the plant. The agreement is an important step to allow SJGS to operate economically beyond June 30, 2022, saving nearly 1,600 direct and indirect jobs while continuing to produce highly reliable, low-priced, low-emissions and low-carbon baseload power at no additional cost to Farmington Electric Utility System (FEUS) customers.
“This is a very significant event for the City of Farmington, customers of Farmington Electric Utility System and San Juan County,” said Farmington Mayor Nate Duckett. “Successfully completing carbon capture retrofitting at SJGS will keep the plant operating, retain hundreds of powerplant and mine workers’ jobs, maintain the tax base and revenues for local schools and ensure that electric rates remain among the lowest in New Mexico for FEUS customers.”
Impacts of the agreement:
“There’s a great deal of momentum in the United States for carbon capture projects using post-combustion amine technology,” said Jason Selch, Enchant Energy CEO. “Recent technology improvements, the financing mechanisms and the ability to profitably capture and use CO2 all come together in this project. Once completed, this project will benefit northwest New Mexico and the entire state by allowing SJGS to continue providing reliable power and meeting the strict carbon emissions standards set by the New Mexico Energy Transition Act.”
A copy of the agreement is available at https://www.enchantenergy.com/farmington-agreement.Additional information about the project and carbon capture can be found at Enchant’s website: https://www.enchantenergy.com/.
A copy of the Extender Rights Transfer Agreement PowerPoint presentation is available at http://bit.ly/2TF1AZO