We understand that Silicon Valley Bank (“SVB”) was an important source of financing for community solar projects nationwide. SVB’s failure, recent instability in the banking sector and the risk that the scope of the current crisis will broaden, may impact some applicants’ abilities to fulfill their bid commitments. Thus, we are making this communication to all applicants so that any applicants that have been substantially impacted by these recent events and any applicants that anticipate a substantial probability of experiencing such impacts in the near future have an opportunity to raise such matters with us.
This outreach effort is neither a mandatory instruction from us nor an order of the New Mexico Public Regulation Commission. At this time, we seek only voluntary responses. If an applicant can no longer fulfill its commitments due to conditions in the banking sector (or for any other reason), we encourage you to contact us to discuss the situation. Addressing such issues promptly is in the interest of the statewide Community Solar Program to ensure that the projects that move on to apply for interconnection are financially viable.
Voluntary withdrawal of an application may be the best course of action in some instances, but, in other instances, there may be other options to consider. We encourage all applicants to review your ability to fulfill your commitments in light of recent events.
Please be aware that voluntary withdrawal of an application will not result in a refund of the application fee.
This communication does not indicate any change in our procedures. We continue to score and rank applications based upon the information provided in the applications.
We appreciate your participation in this program and your dedication to advancing renewable energy in New Mexico. Thank you for your attention to this matter.
