DESRI and El Paso Electric (EPE) announced that the Santa Teresa Solar and Storage project has received financial notice to proceed (FNTP) and has begun construction.
Located in Doña Ana County, New Mexico, Santa Teresa is a 150 megawatt (MWac) solar facility with a 600 megawatt-hour (MWh) battery energy storage system (BESS).
The project is tied to a 20-year power purchase agreement with EPE and is expected to generate enough clean power to electrify approximately 60,000 of EPE’s customers’ homes annually.
Santa Teresa is DESRI’s second project in EPE’s territory, following the 130 MWac Carne project with a 260 MWh BESS, that began construction in 2024.
The project’s financing was provided by DNB Bank ASA, New York Branch, and National Bank of Canada as Joint Coordinating Lead Arrangers, Sumitomo Mitsui Trust Bank, Limited, New York Branch and Korea Development Bank.
“The Santa Teresa Project is a cornerstone of DESRI’s growing partnership with El Paso Electric and a prominent example of how cost-effective solar and storage assets can power New Mexico’s future,” said Hy Martin, Chief Development Officer of DESRI, in a statement. “The Project not only contributes to regional grid stability via large-scale energy storage, but it also underscores our shared commitment to clean energy and economic development in Doña Ana County and across the state.”
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