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 a 640-acre 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 is beginning to develop the designated land as of Q2 2024, bringing the New Mexico Land Office closer to a greener, more sustainable future.
This is just one example of the State's success leasing properties for clean energy through LandGate's marketplace. Two additional listings have since closed, totaling three closed listings, 1 upcoming solar farm, and 2 upcoming wind farms on State property.
Building on their initial success, the State of New Mexico has since listed more properties for lease for clean energy production on LandGate's marketplace, including a ~27,000 acre property in Hidalgo County.
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.
Government Agencies can support renewable energy through leasing their properties to renewable energy developers, producing clean energy and generating long-tern, reliable revenue. Public landowners and government agencies 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 can accommodate all types of procurement rules, including managed bids and RFP's. Additionally, there is no obligation to accept any offers, and no commissions.
Interested in exploring the renewable energy production potential of your agency's specific properties? Schedule a call with our government team today, or learn more below:
