GEOTHERMAL PROJECTS DEVELOPMENT FUND

HB 289 establishes a Geothermal Projects Development Fund in New Mexico's state treasury with a $20 million appropriation from the general fund for fiscal year 2026 and beyond. The fund provides grants of up to $250,000 to cover study costs or financing for approved geothermal projects, primarily for political subdivisions, state universities, or tribal nations (with secretary approval). Grants require project approval by the Energy, Minerals and Natural Resources secretary and do not exempt projects from standard environmental or land-use permits. The fund requires annual reports tracking grant usage, project status, and fund balances to the governor and legislature. This bill directly supports entities developing geothermal energy within New Mexico's regulatory framework.