Bright Green Corporation (BGXX) announced it will install a 102-megawatt solar field to power the electricity and heating requirements for the new $250 million Dalsem expansion project and commits to switch the existing facility that currently burns natural gas and heavy oil to solar. This ensures that the BGXX production and drug manufacturing requirements in Grants, New Mexico are carbon neutral.
The company started the bid process and is working with several Solar Installation Companies domiciled in New Mexico to install a 102-Megawatt Solar Power Generation field.
The successful bid will also include a Power Purchase Agreement from local utilities to purchase the excess power during peak times. The Company has committed and will install three high efficiency boilers manufactured from Precision Boilers, LLC in Morristown, Tennessee for their high efficiency 40 megawatt boilers to be powered by the new solar field. The electric boilers will heat hot water that is stored in massive hot water storage tanks at 200 degrees to be used for the heating requirements during low sun periods.
The VP panels will be manufactured from Singapore based Maxeon Solar Technologies for the new state-of-the-art solar manufacturing plant in Albuquerque, New Mexico.
BGXX has committed to clean renewable energy to supply the massive heat and electricity loads to the 1 million existing and 7 million sq. ft. expansion. Baker Tilly has completed the modeling for construction cost and related construction jobs for the EB-5 investment opportunity. The cost savings over the 30-year life span of the equipment will be in the hundreds of millions of dollars the Company estimates.
In addition to the EB-5 funding, additional financing, if needed for the project, will be derived from federal infrastructure grants, loans and margining supply contracts for the BGXX, Drugs Made in America platform for this particular rural project.
The building out of the solar field will take about 30 months and this will allow the company to better manage their EB-5 investment jobs creation opportuinity.
Lynn Stockwell, the company founder, and Chairwoman of Bright Green Corporation says our team is aligned “this source of energy will reduce and fix our substantial heat and electric costs annually. The future growth of this company is highly dependent on Innovation and long-term efficiency. The uncertainty of the long-term costs and pricing predicated on supply and demand for the traditional fossil fuels for this type of mega factory compared to clean energy from the sun advances the Company’s economics and ethos. This is the right corporate policy, locating in rural America has some challenges that can be overcome, and implementing clean renewable energy can control our energy costs long into the future and reward our shareholders with predictability and sustainability resulting in an American domiciled low-cost producer of “Drugs Made in America”. In addition, reaping the benefits of unprecedented long term federal and state tax credits is an attribute that shareholders can consider when researching an investment in BGXX.