One parcel sold in geothermal lease sale, New Mexico
A competitive bid for one parcel of land in a geothermal lease sale in New Mexico generated $9135 to be shared by the state, county, and the US Treasury
One parcel was sold by the Bureau of Land Management’s Las Cruces District Office in New Mexico in a geothermal lease sale on November 18, 2021. Total receipts of US$9135 were received from the sale and will be shared between the state, Hidalgo County, and the federal government.
Three parcels were offered during the geothermal lease sale, but only one received a competitive bid. Federal Abstract Company submitted a bid of $6 per acre and $6732 per parcel.
Geothermal lease sales are done to accelerate the development of renewable energy in public lands, therefore contributing to the goal of100% carbon-free electricity by 2035. Geothermal leases are for a 10-year period. Each lease is issued with stipulations to protect endangered species and cultural resources. Before development can begin, lessees must submit site-specific proposals for in-depth analysis.
Source: Bureau of Land Management