New Mexico’s Solar Boondoggle Gets Worse

September 4, 2024

Just last month we saw New Mexico Governor Michelle Lujan Grisham (D) announce another major solar project. Now, we have even more humbling news for Gov. Lujan Grisham’s solar project. Maxeon Solar has announced they expect sales in the third quarter of 2024 to “decline significantly” while their stock cratered to 9 cents per share.

Bloomberg reports, 

“Maxeon’s struggles come amid slowing demand for US rooftop solar installations. High interest rates have raised prices in that segment of the industry, a key market for Maxeon, which offers panels that typically have higher performance but are also more expensive. The company sells them at about 30 to 40 cents a watt, according to Rob Barnett, a senior analyst at Bloomberg Intelligence, while the global average has fallen to about 10 cents… Maxeon, based in Singapore, said sales in the third quarter will “decline significantly” from the $184 million it posted in the second quarter, according to the statement. It won’t provide sales guidance for the current period and is withdrawing its full-year forecast.”

Governor Lujan Grisham celebrated Maxeon Solar’s “investment” in a new Albuquerque-based manufacturing facility, promising it would break ground in the first quarter of this year. Construction on the facility has yet to begin despite Governor Lujan Grisham offering $600 million in incentives.

“New Mexico’s taxpayers should not be spending a single penny, which is about all Maxeon is worth these days, on this boondoggle,” said Larry Behrens, Communications Director for Power The Future. “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.”