Yvonne Solar plans billion dollar investment creating 900 jobs

In a recent Albuquerque City Council meeting, significant advancements in local economic development were approved, including a major solar manufacturing project and a film studio initiative, both expected to create hundreds of jobs and stimulate the local economy.

The council unanimously approved a project involving Yvonne Solar LLC, which plans to invest nearly $1 billion in a state-of-the-art solar cell manufacturing facility in Mesa Del Sol. This project is projected to create approximately 911 direct jobs, with salaries ranging from $31,000 to $130,000, and an estimated annual payroll of $73 million. Additionally, the construction phase is expected to generate over 2,600 jobs, primarily sourced from local labor pools. The city will provide $1 million in Local Economic Development Act (LEDA) funding, while the state has committed $10 million. The project is anticipated to yield over $49 million in net benefits to the city over the next decade.

Judy Cai, CEO of Yvonne Solar, emphasized the company's commitment to advancing solar technology and meeting the growing demand for renewable energy in the U.S. The facility aims to manufacture high-quality photovoltaic cells, contributing to the domestic solar supply chain.

In another significant development, the council also approved funding for Mesa Film Studios LLC, which plans to establish a full-service media and film development campus at Double Eagle II Airport. This project will involve the construction of a complex with six sound stages and is expected to generate a cumulative direct spend of $800 million. The city will provide $1 million in LEDA funding, with the state contributing $6 million. The project is projected to create around 230 construction jobs and nearly 500 indirect jobs, further bolstering the local economy.

Council members expressed enthusiasm for both projects, highlighting their potential to enhance Albuquerque's position as a hub for renewable energy and film production. However, concerns were raised regarding the need for meaningful tribal consultation related to the film studio development, with community members advocating for more inclusive dialogue.

Overall, these initiatives reflect Albuquerque's strategic efforts to attract significant investments and create sustainable job opportunities, reinforcing the city's commitment to economic growth and development.