SANTA FE, N.M. (AP) — New Mexico plans to issue specialized green bonds as it borrows roughly $12 million to complete efficiency and renewable energy upgrades on a fleet of state buildings in the capital.
The New Mexico Finance Authority on Thursday approved the bond issue to help fund improvements to about 30 state agency buildings in Santa Fe. The project includes the replacement or addiction of solar panels, companion battery storage, electrical inverters and more efficient door and windows.
Gov. Michelle Lujan Grisham and the Legislature already approved direct state spending of $20 million on the project in efforts to reduce energy consumption and limit contributions to climate change.
Thursday's decision marks the state's entry into a green bond market that can attract socially conscious investors including nonprofits and certain pension funds.