A huge plot of rural land in eastern New Mexico could soon become a major power hub for the U.S. if a start-up merchant transmission company is successful. Tres Amigas LLC, based in Santa Fe, N.M., is developing a nearly $2-billion project to interconnect the three main power grids in the U.S.
Last month, Tres Amigas filed papers with the city of Clovis, N.M., to issue $1.65-billion in industrial revenue bonds for the construction of the facility on 14,400 acres of land approximately 12 miles north of the city. Due to complex negotiations with various stakeholders, the start date has been gradually pushed back from 2011 to January 2013.