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 appropriates $20 million from the general fund to the geothermal projects development fund for expenditure in fiscal year 2026 and subsequent years, ensuring that any unexpended or unencumbered balance at the end of a fiscal year will not revert 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 usage, thereby enhancing transparency and accountability in the management of geothermal resources in the state.

Statutes affected:
introduced version: 71-9-12