New Mexico forgoes green bonds on energy efficiency projects
SANTA FE, N.M. (AP) -- New Mexico is foregoing green-bond financing that has the potential to attract socially conscious investors as it forges ahead with energy efficiency improvements to a fleet of state buildings in Santa Fe.
The New Mexico Finance Authority found few prospects for savings on borrowing costs after studying the bond market for borrowing money to finance environmentally minded infrastructure projects.
Correspondence by the finance authority indicates that separately bundled bonds for the Santa Fe energy efficiency project would be too small of an offering to attract competition from investors. Tax-exempt bonds without green certification were sold in June.
Installation of solar window film began this month at state offices. The General Services Department expects to reduce utility costs by 50% at revamped buildings and save $1.1 million annually by contract.