FARMINGTON, NM (AP) – Navajo Transfer Energy Company has invested in another energy company, planning to set up a large-scale platform for carbon recording services.
The agreement was signed by NTEC with Enchant Energy Corp. It will put him on board of directors, the Farmington Daily Times reported.
Enchat Energy is working with Farmington to control the San Juan coal-fired power plant, which was taken over by New Mexico Public Service later this year. The state’s largest electricity service, PNM, has expressed concern about the inclusion of Inchat’s funding and carbon recording technology.
“With this investment, NTEC will gain a board seat and use its expertise to help the company make strong return on investment and meet local goals,” NTEC CEO Vern Lund said in a statement.
Regional regulators said last week that PNM had the right to operate a unit in the factory in September. In an effort to meet high summer demand and avoid blackouts.
This will change the schedule for the acquisition of the Inchat plant but it will give the company three more months to reach an agreement with the many owners of the factory.
Cindy Crane, CEO of Enchant, said she would not oppose PNM’s extended operations and would accept NTEC as an investor.
“Our common goals include giving back to our community, demonstrating the use of technology to dissipate carbon dioxide, enable sustainable development, and help CCS recycle existing energy sources and eliminate emissions,” she said. “NTEC knowledge will be very important.”
Enchant has announced plans to replace the San Space plant by 2019 by installing carbon offsets. That carbon dioxide is sent through pipelines to storage facilities in New Mexico and Texas for oil production.
Along with the investment, NTC said it is strengthening its commitment to increase its portfolio by acquiring shares in energy companies and industrial enterprises in the western US that address carbon emissions.
The investment was not well received by Navajo environmental group Dine Care, who argued that such carbon emissions projects were not effective in the United States.
“This does not seem to be a lucrative investment for Tribal Corporation,” said Robin Jackson, the group’s climate and energy supply coordinator.
NTEC describes itself as a liability company organized in accordance with Navajo National Law. It has mines in New Mexico, Wyoming, and Montana.
The company was founded in 2013 by a law passed by the Navajo National Assembly and then by President Ben Shelley. That law mandated the Navajo people to participate directly in the administration and administration of NTEC through five member representatives.
Tribal delegates currently serving as members are Paul Begai, Nathaniel Brown, Eugene Charles-Newton, Pernell Halona, and Rick Nez.
Both Brown and Charles-Newton do not know about NTEC investment in Enchant.
Begai, Halona, and Nez could not be reached for comment. Navajo President Jonathan Nez did not respond to a request for comment.