The bill amends the provisions of the Geothermal Projects Development Fund in New Mexico, establishing a framework for the allocation and use of funds for geothermal development projects. It creates the "geothermal projects development fund" in the state treasury, which will consist of appropriations, investment income, and other allocated funds. The bill allows for grants of up to $250,000 for studying proposed geothermal projects and provides funding for financing approved geothermal development projects. Notably, the eligibility for receiving grants has been expanded to include not only political subdivisions and state universities but also other entities that participate in a competitive bidding process in accordance with the Procurement Code.

Additionally, the bill includes an appropriation of $20 million from the general fund to the geothermal projects development fund for expenditure in fiscal year 2026 and subsequent years, with any unexpended balance not reverting to the general fund. The secretary of energy, minerals and natural resources is tasked with providing annual reports on the status of grants, studies, projects, and fund expenditures, ensuring transparency and accountability in the use of the fund.

Statutes affected:
introduced version: 71-9-12