Plus Power secures a 20-year contract for its Corazon Energy Storage project in New Mexico
The Corazon Energy Storage project, with a capacity of 150 MW / 600 MWh, will support grid reliability and renewable energy integration in New Mexico, bringing the state closer to its clean energy goals by 2045.
| Sectors | Energy Storage, Batteries |
|---|---|
| Themes | Investments & Transactions, Contracts |
| Countries | United States |
Energy developer Plus Power recently announced the signing of a 20-year contract for its Corazon Energy Storage project. This project, with a capacity of 150 MW / 600 MWh, was selected by Public Service Company of New Mexico (PNM) as part of its 2026-2028 Generation Resources Request for Proposals. The initiative aims to address the growing energy demand in the state while supporting its transition to zero-carbon energy by 2045. The agreement is subject to approval by the New Mexico Public Regulation Commission.
Located in Albuquerque, the project is expected to begin construction in 2026, with commercial operations projected to start in late 2027. Once operational, the facility will play a key role by storing excess energy generated by renewable resources and returning it to the grid during peak periods, weather events, or unexpected demand surges.
A strategic partnership for reliable and sustainable energy
The “tolling” agreement signed between Plus Power and PNM stipulates that the company retains ownership of the infrastructure, while PNM will manage charging and discharging operations according to its needs. This partnership will support PNM’s efforts to integrate more solar and wind energy into the grid and meet its goal of generating 100% carbon-free electricity by 2040, five years ahead of the state’s target.
The Corazon project will connect to the grid via the Pajarito substation, strategically located at the center of PNM’s system. This interconnection will maximize the use of renewable resources and strengthen the grid’s capacity to meet customer energy demands.
Expanded presence in the Southwest
With this project, Plus Power continues to expand its footprint in the southwestern United States, solidifying its presence in its sixth market. The company currently manages a portfolio of 10 GW of projects across 28 states and Canada. It also operates seven facilities in Arizona, Texas, and Hawaii, with two more under construction in Maine and Massachusetts.
Among its notable achievements, the Kapolei Energy Storage project in Hawaii, with a capacity of 185 MW / 565 MWh, is one of the most advanced energy storage systems in the world. Other projects, such as Sierra Estrella Energy Storage in Arizona and Rodeo Ranch Energy Storage in Texas, highlight Plus Power’s commitment to meeting the growing demand for large-scale energy storage solutions.
The company is establishing itself as a key player in the standalone battery storage market, contributing to the energy transition and the reliability of electrical grids.
