Governor Michelle Lujan Grisham’s expensive $600 million taxpayer-backed solar project continues to face growing concerns as Maxeon Solar, the company behind the initiative, announced disappointing financial projections for the third quarter of 2024.
Maxeon, which was chosen to build a new solar manufacturing facility in Albuquerque, revealed it expects a “significant decline” in sales, and its stock has plummeted to just 9 cents per share. This development comes more than a year after Governor Lujan Grisham proudly touted Maxeon’s investment as a major win for New Mexico’s renewable energy sector.
In August 2023, the Governor celebrated Maxeon’s plans to establish a manufacturing hub, promising that the project would break ground by the first quarter of 2024.
However, more than halfway through the year, construction on the facility has yet to begin, casting doubt on the viability of the project and the prudence of the state’s substantial financial backing of the initiative.
Critics argue that the Governor’s administration rushed through the approval process without adequately vetting the financial stability of Maxeon Solar.
Larry Behrens, Communications Director for the pro-energy group Power The Future, expressed frustration at the lack of oversight. “New Mexico’s taxpayers should not be spending a single penny, which is about all Maxeon is worth these days, on this boondoggle,” Behrens stated.
“It’s now even more clear that the Governor and her cronies who rushed this project through the approval process were so blinded by their agenda that they applied zero scrutiny. New Mexicans deserve better leaders than those who make bad deals and offer false promises.”
Power The Future, a nonprofit dedicated to supporting American energy workers, has been a vocal critic of the Governor’s renewable energy policies, arguing that they prioritize political optics over sound economic judgment. In addition to Governor Lujan Grisham, the project was initially celebrated by prominent New Mexico politicians including Senator Martin Heinrich, Congressman Gabe Vasquez, and Congresswoman Melanie Stansbury.
As Maxeon Solar struggles to meet its targets and deliver on its promises, New Mexico taxpayers are left questioning whether their investment in this project will yield any of the economic or environmental benefits that were originally promised.
Wasting more of New Mexicos tax dollars, I’m sure that money was spent to even get to this point. Let’s not forget the 10 million for the tax payer funded abortion center that we had no say in…she will add a new low to NM, bankruptcy. We already sit at the top and bottom of every list that’s bad. Unbelievable that people continue to vote for this, her and those like her.
I honestly believe New Mexico has the most ignorant electorate in the country.
“But my family has always voted Democrat”.
WHY?
Well in 2017, Albuquerque Bernalillo Water Utility Authority board voted to add fluoride to our already natural background fluoride to bring it up to EPA “Safe” level. Even though fluoride is associated with lower IQ outcomes.
There should be transparency about the funds already spent on this project. Accountability is critical!
It figures that these ppl in NM government, are not capable of professional business dealings. They are too giddy, jumpy, and ignorant of solar products and sales. Solar has no return or profit it just helps maintain. She’s a disaster for NM or any state.
Well I did own a solar company in the 1980s and sold projects that made sense to vineyards and ranch windmill replacement. It does have it’s place and good quality panels have good longevity. That said $600 million could have been invested in businesses like new rail car manufacturing in Albuquerque whose product comes mostly from overseas or even something simple like giving tax credits for insulating exteriors of our 1950’s uninsulated housing stock.
Also didn’t the feds like Heinrich and Lujan push for that dead ending small modular nuclear reactors research subsidies? Didn’t state and local governments get into spending loads of money for that too? Just saying.
We are surprised by what in this story?
Not New Mexicans with half a brain. But the 75% that are dumbocRATS, they just continue to vote their IDIOT demoNAZI ways!!!
NM needs something like an Elon Musk-headed “government efficiency commisson” to “eliminate fraud and improper payments.” Good luck with that idea in the state that “votes blue no matter who”. So disappointing.
Solyndra repeat.
No big deal we have or had a 2-3 billion dollar surplus annually thanks to that darn fossil fuel. Spend like drunken sailors.
New Mexicans keep voting in these leftest idiots. Wake up!
When this deal was struck Maxeon had a 35 year history, sales over $1.0 billion. a 2023 profit of $267 million, over 5,000 employees, sales in over 100 countries and there was no obvious future failure contemplated. When construction did not begin in early 2024 as contemplated maybe the State needed to do more due diligence?
This billion dollar facility to product the most advanced solar technology and provide 1,800 jobs deserved the State’s support and the money committed has not been spent. Yes some effort and expense went into this selection, but that is the State’s job and no one can anticipate the future.
Good points. However, the future of solar is easy to predict: until battery storage gets a lot cheaper, solar is a waste of money.
The State should NOT be in business. This woman needs instructions in how to pick her nose!
Not surprised that the evil queen keep spending money we do not have or want to spend on stupid (global warming/climate change) issues like solar is the way to go? I will stick to my gas products including my car and she and her comrades are getting just what their deserve. People need to wake up and stop the insanity and vote these ungodly people out of office.
MLG needs to be impeached for violating the US Constitution regarding the right to bear arms. And she needs to stop spending money that is not voted on by the people of NM.
And as for climate change, it has been changing for thousands of years. God is in control and yes there is climate change, and in case you all forgot, it’s called spring, summer, fall and winter! Some years are better the others, but man is not in control of the climate. Wake up people it is all a scam. Praying for Gods mercy on us all.
Macron and MLG just got eclipsed.
Some people are just stupid and I do not mean state employees. Anyone who thinks global warming due to human behavior is in that category. The State in not in business, it is created to provide services to the population. Would you like a road, water sewer? Businesses provide some of this with government regulation. Have any idea what your power bill would be unregulated? Do people make mistakes? Yes and state employees are not the only ones. You ever make one? They were doing what we set them up to do, to bring economic development to NM and create new good paying jobs. And some people need to read the 27 words of the second amendment. The most conservative justice on the Supreme Court wrote the opinion on this and said it “meant weapons commonly in use in the day” not automatic weapons, and other weapons of war. Read something!
You need to understand the meaning of the word opinion; a conclusion held with confidence. Every Monday morning quarterback has an opinion on why their team lost and how they could have done it better.
There is not a single opinion written in the Bill of Rights, they state what is naturally given to each individuals of this nation.
Thank you.
Actually David, during the American Revolution, the rifles of the Americans were far superior to the “Brown Bess” muskets of the British Army. The law banning automatic weapons is unconstitutional and was instituted because of organized crime. I would not have one because it would be too expensive to use. 30 rounds in a second and a half would cost 25 dollars a second. They are fun but waste ammo.
oh boo hoo she finally lost something
Maxeon and MLG just got eclipsed.
The people pushing this “global warming” agenda and the solar agenda, like MLG are idiots. She is like my pastor says she is. “The Wicked Witch of the North” and the only thing that she and the people like her think about is their own legacy and the things they want. To hell with the people. All she needs us for is to fund her idiocy filled ideas.
MLG needs to go as do Vasquez and Heinrich and all the others who won’t follow our Constitution and our laws. Get with it New Mexico. We have a wonderful state here, so why are we allowing the liberals in government to destroy her?