Albuquerque – Major concerns are surfacing about Governor Michelle Lujan Grisham's proposed $600 million solar manufacturing deal. According to a bombshell front-page story from the Albuquerque Journal, the company at the center of Lujan Grisham's efforts faces a number of issues including:
An investigation into violating federal securities laws.
Delayed release of financial reports.
A massive drop in stock price.
The largest shareholder is now a Chinese-based company.
"These are some serious red flags and New Mexico's elected officials should be demanding real answers before sending millions down this road," said Larry Behrens, Communications Director for Power The Future. "Of its many flaws, the main problem with the Inflation Reduction Act is that it leaves taxpayers are on the hook for footing costs with little to no guarantee of results. And the fact a Chinese company would benefit from any profits only makes it worse. This is just the latest data point to prove the green industry can't stand up without massive handouts from hardworking New Mexicans."
These problems have all arisen since the Governor's announcement of a partnership with the company last August. Additionally, the company has already missed Lujan Grisham's promised deadline to break ground on their facility "at the beginning" of 2024."
Power The Future is a 501c4 non-profit dedicated to fighting for American energy workers.
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