At a special meeting April 16, the New Mexico State University Board of Regents gave final approval to issue $15.9 million in system subordinate lien revenue bonds.
The proceeds from the sale of the bonds will be used to fund various energy cost savings improvements throughout the campus. These improvements are part of a guaranteed utility savings contract with Ameresco, an energy services company.
The contract will allow NMSU to make improvements to 46 buildings, totaling 2,701,972 gross square feet. The proposed improvements are based on seven energy conservation measures indicated by Ameresco during a seven-month-long investment-grade audit of all NMSU properties throughout the state, including the agricultural science centers and community colleges.
Some of the energy conservation measures include interior lighting, exterior lighting, exterior pole-mounted lighting, retro commissioning, variable air volume retrofits, economizer upgrades and chilled water pump bypasses.
The guaranteed cash flow savings of the projects will generate sufficient savings to cover the full debt service along with other expenses related to the project. At the end of the 13-year performance period, the university will realize a projected $1.8 million in annual savings.
Work is scheduled to begin this summer and take about 18 months to complete.