DESRI Partners with Tierra Adentro Growth Capital on Equity Investment for New Mexico Solar-Plus-Storage Projects

Why It Matters

The projects expand grid‑scale storage capacity, enabling higher renewable penetration and improving reliability while generating significant local employment and investment.

Key Takeaways

• DESRI begins 720 MWh BESS, 270 MW solar construction in New Mexico
• Projects serve Los Alamos PPA and Meta data center via PNM 36B
• OCI Energy's 480 MWh Alamo City BESS bolsters Texas grid resilience
• Construction will employ ~600 workers, financed by NORD/LB and Santander

Pulse Analysis

The New Mexico construction marks a strategic scaling of utility‑grade storage alongside solar, a model that addresses the intermittency challenge of renewables. By situating the 720 MWh battery on Ute Mountain Ute Tribe land adjacent to DESRI’s existing San Juan facility, the developer leverages existing transmission infrastructure and tribal partnerships, reducing permitting hurdles and fostering community investment. The inclusion of a long‑term power purchase agreement with Los Alamos and a dedicated capacity for Meta’s data‑center underscores how corporate demand is driving bespoke storage solutions.

Financing for the New Mexico projects blends equity from Tierra Adentro Growth Capital with debt led by NORD/LB and Santander, reflecting growing confidence among banks in large‑scale storage as a credit‑worthy asset class. The EPC contract awarded to SOLV Energy ensures rapid deployment, while the projected need for roughly 600 construction workers injects short‑term economic stimulus into a region still recovering from pandemic‑related job losses. Similarly, the Texas Alamo City BESS, developed by OCI Energy and operated by CPS Energy, showcases a public‑private partnership model where a municipal utility secures operational control through a long‑term storage capacity agreement, aligning cost recovery with reliability benefits.

Both projects illustrate a broader industry shift toward hybrid solar‑storage assets that can provide firm capacity, peak‑shaving, and ancillary services. As the U.S. grid modernizes, such installations become critical for meeting Renewable Portfolio Standards and for buffering against extreme weather events. The combined 1.2 GW of solar and 1.2 GWh of storage announced in these two states positions the Southwest as a testing ground for integrated clean‑energy infrastructure, signaling to investors and policymakers that large‑scale, multi‑use renewable projects are both technically feasible and financially attractive.

Deal Summary

U.S. renewable energy developer DESRI announced an equity investment from growth‑capital firm Tierra Adentro Growth Capital (TAGC) to fund two solar‑plus‑storage projects in San Juan County, New Mexico. The projects will combine 180 MW/720 MWh of battery storage with 270 MW of solar and are slated for commercial operation in 2027. Construction financing is also being led by NORD/LB and Santander Corporate & Investment Bank.