Far-left Democrat Gov. Michelle Lujan Grisham remains determined to invest New Mexicans’ tax dollars into the solar industry, despite the sector facing significant financial challenges. Recent efforts to support solar companies with substantial subsidies have raised concerns as these investments appear increasingly risky.
One of the key initiatives involved a partnership with Maxeon Solar, a company that was slated to receive over $2.4 billion in subsidies from various levels of New Mexico’s government. This initiative was part of a broader push to promote “renewable energy” under the industrial policies of the Biden-Harris Administration, which included federal and state incentives. However, despite these massive financial commitments, the Maxeon project has encountered delays, and there is growing skepticism about whether the factory will materialize anytime soon—if at all.
Maxeon’s financial health has deteriorated significantly over the past year. On August 9, 2024, the company’s stock was valued at just 16 cents per share, a staggering 99% decline from its price of $22 per share when the deal was initially announced on August 10, 2023, per analysis from the Rio Grande Foundation.
Even at that time, the stock had already seen a sharp drop from its peak of over $50 per share. The company’s financial struggles are further highlighted by its negative earnings per share (EPS) of -$8.03, signaling ongoing losses.
Undeterred by Maxeon’s setbacks, Lujan Grisham recently inked another deal with a different solar company, “Ebon,” which is based in communist China. New Mexico taxpayers are expected to contribute at least $11 million to back this new venture, although the full extent of the subsidy package has not yet been disclosed by the governor’s administration.
However, Ebon is facing its own financial difficulties. The company’s stock price has plummeted from $388 per share in 2021 to just under $6 per share in 2024, marking a 98.5% decline. Like Maxeon, Ebon also reports negative earnings, with an EPS of -$5.86.
These developments have sparked concern among critics who question the wisdom of pouring significant taxpayer dollars into struggling solar companies. As the solar industry continues to grapple with financial instability, the effectiveness of these investments in driving sustainable economic growth in New Mexico remains uncertain.
Wake up New Mexicans before it’s too late….
Makes you wonder how much $$$ is going to her pockets.
A lot — she is in a Billionaires pocket
True statement
MLG’s sponsors want this and the Leftist Loons in the legislature are going along with it
I agree with you, as corrupt as her administration is [my opinion]. She does not care about New Mexico or their money. She only cares about her self.
I am pro solar and have paid cash for two different systems on two different homes. That being said, my monthly electric bill is around $2 at this time. Solar works well here in NM. and does help the environment but is not solely the answer. I would much rather see our state government use this money to help more homeowners to be able to have these systems installed using panels and equipment designed and built in the USA by existing companies rather than waste money on the hopes that an outside manufacturer will build a new plant here. Anyone remember how our federal government and employees here got soaked by Enron’s collapse?
Does solar really help the environment? Or does large solar farms add excessive heat to the atmosphere and in turn make the summers much hotter than usual. Also some are close the Rio Grand and how many birds will see these farms as water and be killed trying to land into them? Besides, what the heck is so wrong with this beautiful earth God gave us. Keeping it clean is our responsibility not trying to play God and spoil it.
I have personal solar. I live in the clutches of Jemez Electric Coop. The solar works well, but Jemez charges $33/month whether I’m using their electricity or supplying them with electricity. This is a co-op! I think they are criminals but I am still on the grid as I’ve been warned against getting a storage battery. This is from a good article from a while ago about personal solar versus those awful solar fields that MLG supports. I don’t have the URL.
In a hearing last month in Arizona, an expert witness for the state’s largest utility said he agrees with the idea that utilities oppose rooftop solar because it is a threat to their profits.
It cost you $25,000.00 to install solar to get to your 2 dollars a month electric bill. based on a 20 year recoup, thats 104.16 per month and then 2 dollars current electric bill, so your electric bill is really 106.16 per month for until August of 2044. Tell the WHOLE Truth!!
Kevin, perhaps you haven’t researched what happens to solar panels when their “shelf life” expires. They cannot be recycled, and they leach toxic chemicals into the ground. They are absolutely NOT good for the environment. Too many people are short-sighted in this matter, and imagine that because solar doesn’t exhaust fumes into the air that they are environmentally sound. Not so!
Hi! Iam from the government, Iam here to help!
Please save us mr government!!! LOL
This is a classic example of why these investment decisions should be left to the private sector and not some bureaucrat who play favorites based on politics and not sound financial analysis. Thank you Pinon Post, I will save this article. The same thing happened under the Obama administration where they gave cash to green energy companies that almost immediately went bankrupt.
A typical dembocrap politician! Moochie Loserjan doesn’t give crap about NM, just the kickbacks she gets for selling out New Mexicans! Removal is a must! Handcuffed and dragged out of the roundhouse would be appropriate!
Her, Hunter and Sleepy Joe are connected at the hip with the Chinese. Only a fool or a corrupt individual would do business with the Chinese.
The bigger problem is the Chinese being brought to our doorstep to poach our ADVANCED Labs and Intel Staff…
Why bother to crack and hack the computers the hard way… when you can honeypot, threaten or pay off someone with Departmental, Admin or Super Admin privileges?
OTHER STATES, don’t even want Chinese investors purchasing LAND near sensitive facilities… our favorite homegrown MORONS… are happy giving $11M New Mexican tax dollars… to people SWORN to take down America… that have been doing it for decades and have been ramping up their efforts dramatically and without hesitation!
FBI Wray… recently said: “China already has a bigger hacking program than every other major nation combined,” Wray also said. “If each one of the FBI’s cyber agents and intelligence analysts focused on China exclusively, Chinese hackers would still outnumber our cyber personnel by at least 50 to 1.”
There are not enough Tar and Feathers for our “Money Laundering Democrat Leaders”.
But there should be:
Farmers, raise more chickens…
Oil industry, stockpile some really gooey tar!!
Thorium is the Answer!
We have the experts… KEEP IT QUIRKY !!
Get on with it… China’s already working it HARD!
Robert
I am all for solar and wind, I am not for killing birds, whales and whatever els do not survive their (wind and solar) existence. We have a lot of oil reserves that will keep us warm and cool until the science figures everything out. Why are we pushing the car before the horse. Our POS governor wants to pus EVs when NMs do not have the $$ to purchase the vehicle, nor are the TVs ready for prime time. Can the fire department put them out when they catch fire?? The answer is NO. We are not there yet. As far as that corrupt governor, if NM looses money on the deal she should be forces to pay what we loose. Until then I will drive my 2500 diesel truck because it does what I need and no EV can match it. When an EV can match it, get me to say San Antonio in the same amount of time with out killing thousands of birds and bats, I am with you and willing to go with an EV. But we are not there. NMs are poor, (democratic parties and school systems fault) we can not afford TVs at this time nor in the next 20-30 years because our government sucks that bad.
Sounds like MLG’s Solendra.
I have personal solar. I live in the clutches of Jemez Electric Coop. The solar works well, but Jemez charges $33/month whether I’m using their electricity or supplying them with electricity. This is a co-op! I think they are criminals but I am still on the grid as I’ve been warned against getting a storage battery. This is from a good article from a while ago about personal solar versus those awful solar fields that MLG supports. I don’t have the URL.
In a hearing last month in Arizona, an expert witness for the state’s largest utility said he agrees with the idea that utilities oppose rooftop solar because it is a threat to their profits.