Bill > HB179

This bill enacts a new section of the Severance Tax Bonding Act, requiring that at least one percent of the market value of the severance tax permanent fund be invested in New Mexico renewable energy projects, as defined by the bill. These investments, which must adhere to the Uniform Prudent Investor Act, can include businesses that manufacture, distribute, sell, or install renewable energy equipment, or those with manufacturing facilities producing such equipment, as well as renewable energy projects themselves located in New Mexico. The bill also permits investments in bonds issued under specific state acts related to renewable energy financing and utility revenue bonds for renewable energy facilities, and in New Mexico renewable energy private equity funds, which are defined as entities primarily investing in New Mexico renewable energy projects and accepting investments only from accredited investors. Renewable energy is broadly defined to include sources like solar, wind, geothermal, landfill gas, and biomass, producing low or zero emissions with substantial long-term potential, and storage refers to technologies that manage energy supply and demand. The state investment officer can only make these investments with the approval of the council and, for private equity funds, after review by the private equity investment advisory committee, with individual renewable energy project investments capped at fifty percent of the project's estimated cost.