Quote:Governor Michelle Lujan Grisham’s expensive $600 million taxpayer-backed solar project continues to face growing concerns as Maxeon Solar, the company behind the initiative, announced disappointing financial projections for the third quarter of 2024.

Maxeon, which was chosen to build a new solar manufacturing facility in Albuquerque, revealed it expects a “significant decline” in sales, and its stock has plummeted to just 9 cents per share. This development comes more than a year after Governor Lujan Grisham proudly touted Maxeon’s investment as a major win for New Mexico’s renewable energy sector.

In August 2023, the Governor celebrated Maxeon’s plans to establish a manufacturing hub, promising that the project would break ground by the first quarter of 2024.

However, more than halfway through the year, construction on the facility has yet to begin, casting doubt on the viability of the project and the prudence of the state’s substantial financial backing of the initiative.

Critics argue that the Governor’s administration rushed through the approval process without adequately vetting the financial stability of Maxeon Solar.

Larry Behrens, Communications Director for the pro-energy group Power The Future, expressed frustration at the lack of oversight. “New Mexico’s taxpayers should not be spending a single penny, which is about all Maxeon is worth these days, on this boondoggle,” Behrens stated.

“It’s now even more clear that the Governor and her cronies who rushed this project through the approval process were so blinded by their agenda that they applied zero scrutiny. New Mexicans deserve better leaders than those who make bad deals and offer false promises.”

Power The Future, a nonprofit dedicated to supporting American energy workers, has been a vocal critic of the Governor’s renewable energy policies, arguing that they prioritize political optics over sound economic judgment. In addition to Governor Lujan Grisham, the project was initially celebrated by prominent New Mexico politicians including Senator Martin Heinrich, Congressman Gabe Vasquez, and Congresswoman Melanie Stansbury.

As Maxeon Solar struggles to meet its targets and deliver on its promises, New Mexico taxpayers are left questioning whether their investment in this project will yield any of the economic or environmental benefits that were originally promised.

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well, I spent 15 seconds vetting them, and basically they earned 3 cents per share just when major debt liabilities are maturing. So its not like they werent vetted. They simply ignored what they saw. (Just like Solyndra under Obama. )