The State of New Mexico Land Office, responsible for managing the State of New Mexico’s land holdings, came to LandGate seeking to evaluate the renewable energy potential of their land holdings and competitively advertise opportunities for leasing their land for renewable energy. Their goals were three-fold:
1) The need to attract potential lessees/ renewable energy developers
2) The need to contribute to clean energy generation
3) The need to assess the renewable energy potential of their vast land holdings
The State of New Mexico has ambitious Renewable Portfolio Standards; they are aiming for 40% of their electricity to be supplied from renewable sources by 2025, and 100% of their electricity to be supplied from renewable sources by 2045. The State of New Mexico Land Office manages a staggering 9 million acres of land, which positions them in a strong place to contribute to these goals and generate additional revenue from land leases.
New Mexico listed their property for lease for solar energy and battery storage on LandGate’s marketplace in Q1 of 2023. The listing drew in multiple qualified offers, and a winning lessee was selected in June 2023. With the lease agreement secured, the lessee will begin developing the designated land in 2024, bringing the New Mexico Land Office closer to a greener, more sustainable future.
As of January 2024, nearly half of U.S. retail electricity sales are covered by mandatory renewable portfolio standards, with many states, localities, and public utilities expected to invest in renewables this year. In order to reach these goals, public land will need to be utilized for clean energy development.
Public landowners interested in leasing their land for renewable energy can list their property for lease for free on LandGate's open marketplace for exposure to a unique network of renewable energy developers and investors. LandGate's platform provides lease estimates for every U.S. parcel, helping public landowners analyze their properties for the best opportunities.