Foreign investors partner with Tres Amigas

ALBUQUERQUE (AP) — A $1.5 billion effort to link the nation’s three major electricity grids is getting a boost from Japanese investors and a European company well versed in integrating power markets.

Tres Amigas president and chief executive Phillip Harris says the partnerships with Mitsui and Co. and the European Power Exchange ensures access to large talent pool and funding for the next three phases of development for the Tres Amigas SuperStation near Clovis.

Mitsui has agreed to invest $12 million in exchange for an equity interest in the project. The European exchange will share its market expertise.

Construction is set to begin on the Tres Amigas SuperStation this summer.

Harris says the company is also planning for its own power exchange, but New Mexico’s tax structure is forcing Tres Amigas to consider other locations for its trading operations.