In a recent Bernalillo County Commission meeting, officials discussed a significant economic development initiative involving Ybon Solar, which aims to construct a state-of-the-art solar cell manufacturing facility in the Mesa del Sol area. The commission is considering an ordinance to authorize the issuance of industrial revenue bonds (IRBs) not to exceed $942 million to support this project, which is projected to create 911 new jobs.

Matkos Gonzales, the executive development officer, presented the proposal, highlighting the anticipated economic benefits, including tax exemptions that would help offset construction costs. The project has garnered support from both state and city officials, with New Mexico committing $10 million in Local Economic Development Act (LEDA) funds and the city of Albuquerque contributing an additional $1 million.

Judy Cai, CEO of Ybon Solar, expressed enthusiasm for the project, emphasizing the company's commitment to local hiring and community engagement. The facility is expected to break ground in the first quarter of 2025 and become operational within a year, focusing on producing high-quality solar cells for U.S. companies.

Commissioners voiced strong support for the initiative, recognizing its potential to stimulate economic growth and job creation in the region. They discussed the importance of ensuring that local residents benefit from the job opportunities and highlighted the need for collaboration with unions to maintain high construction standards.

The commission also addressed concerns regarding the IRB process, clarifying that the bonds would not involve direct cash payments but rather tax deferrals that would incentivize the project. This approach aims to foster a mutually beneficial partnership between the county and Ybon Solar, with the expectation that the investment will yield long-term economic returns for the community.

Overall, the meeting underscored a collective commitment to advancing renewable energy initiatives while prioritizing local workforce development and economic sustainability in Bernalillo County.