FINANCIAL ASSURANCE FOR RENEWABLE ENERGY

SB 209 requires owners or operators of renewable energy facilities (like solar, wind, or geothermal plants) in New Mexico to provide financial assurance before starting operations. This assurance, in forms like bonds or cash, must cover all costs for removing equipment, cleaning up sites, and remediating land after a facility stops operating. The bill creates a "Renewable Energy Decommissioning Fund" to manage these costs, which can be used by the state if a facility owner fails to cover decommissioning expenses. The fund also receives forfeited financial assurance when owners don’t comply, ensuring cleanup costs are covered without burdening taxpayers.