Capital Investment Group to Invest Over $2 Billion in Sustainable Manufacturing Facility
New Mexico Gov. Michelle Lujan Grisham announced Thursday that a capital investment group has committed to investing more than $2 billion to construct a major manufacturing facility in Valencia County, New Mexico.
Also committed to creating over 950 jobs, the facility will be an aluminum can sheet rolling mill and recycling center. The group has signed a letter of intent to purchase a 1,300-acre parcel in Los Lunas. Construction is set to start by late 2023 and manufacturing to start in 2026. The facility would have the capacity to manufacture up to 1.3 billion pounds of aluminum annually.
Private investment firm Manna Capital Partner will lead the project, construct the facility and operate the mill. Among the reasons the firm chose New Mexico were the growth in can-making facility in the Southwestern U.S., the competitive business climate and Governor Lujan Grisham’s commitment sustainable energy to diversify the economy. Ball Corporation, a supplier of aluminum packaging solutions, will enter into a long-term supply agreement and intends to take a minority equity position.
”There is increasing demand for recycled aluminum packaging from beverage makers driven by a push for sustainability. New Mexico has given us the opportunity to respond with what we expect to be the newest state-of-the-art aluminum rolling mill in North America. This project will positively impact people’s lives and is a win-win for everybody,” Junior Bridgeman, managing partner of Manna Capital Partners, said.
The facility is to be powered with 100% renewable energy from PNM; there are also plans to ensure that 85% recycled content after the mill is fully operational.
“The partnerships we have built to create and grow a renewable energy economy in New Mexico is appealing to businesses as they look for friendly locations to expand,” Gov. Lujan Grisham said. “Aluminum that is produced with a low-carbon footprint is in demand as customers continue to push for sustainability, and this innovative new project in Valencia County positions New Mexico to benefit from this industry.”
The State of New Mexico is pledging $5 million from its Local Economic Development Act job-creation fund. The project is expected to have an economic impact of $3.4 billion over 10 years, and jobs will pay an average of $68,000 a year.
