Advent Solar, a New Mexico developer of advanced technology solar cells and modules, has chosen Mesa del Sol as the location for its new 70,000 square foot photovoltaic panel research, production and manufacturing plant, which will bring as many as 1,000 new, good paying jobs to Bernalillo County over the next five years.
Advent Solar will provide clean, sustainable economic development that is ideal for New Mexico. Industry estimates are that the solar energy is currently a $4 billion global industry, and experts predict it to grow to $27 billion by 2010.
New Mexico Economic Development (NMEDD) Secretary Rick Homans announced that Advent has secured $30 million in its most recent round of venture capital, which is one of the largest amounts of funding for a company in central New Mexico’s history.
The State Investment Council itself, through its New Mexico Co-Investment Partnership, is a major investor in Advent Solar and is expected to have an investment of at least $3.5 million in Advent following the next round of funding. The SIC has already roughly invested $1.3 million in Advent Solar.
“The State’s latest investment in Advent Solar is further evidence of the Richardson Administration’s commitment to partnering with New Mexico’s high-tech cream of the crop. These efforts will not only create high-wage jobs today, but will also pay dividends to New Mexicans far into the future,” stated Gary Bland, State Investment Officer.
Advent Solar will create as many as one thousand new, high wage jobs over the next five years, of which approximately 125 will be hired by the end of 2006. Annual salaries will range from $23,000 to $94,000 dollars a year, plus full benefit packages.
This plant will also pump millions into the local economy. Within five years, estimates put Advent’s payroll at more than $35 million. State and local tax revenues are expected to exceed 60 million dollars during this period.
Advent was founded in New Mexico, as the result of technology developed at Sandia National Laboratories by scientist and inventor James Gee. Advent has grown here with the help of the State Investment Council and $280,000 in state job training dollars, ensuring that local business stay and grow in New Mexico.
Mesa del Sol is a community designed for Albuquerque’s South Mesa, south of the Sunport. Combining job creation and sustainable urban community planning, Mesa del Sol is planned to reflect a balance of environmental resources, economic objectives and social amenities in a community that is forward-looking with a highly defined sense of place.
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