New-to-Market Solar Company Expands to New Mexico
By Shelby Perea / Real Estate Reporter, Albuquerque Business First Wednesday, September 27th, 2017 at 3:00
Another company is entering into one of New Mexico’s bright spots: the solar industry.
Arizona-based Titan Solar Power is opening its first New Mexico location in Albuquerque. Titan’s work includes installation of renewable power and emergency electrical backup power systems.
New Mexico finished 22nd in the nation for solar capacity completed in the second quarter, according to an industry report by the Solar Energy Industries Association and Greentech Media. From April through June, New Mexico added nearly nine megawatts worth of new solar projects, according to the Solar Market Insight Report. Titan Solar Power will lease 5,000 square feet at 900 Lamberton Place. Titan Solar Power CFO Kyle Beddome said there were some hurdles to overcome when hunting for real estate in New Mexico. Titan ended up leasing after it “ran into trouble buying.”
“We were looking to buy property here but there was really only one property we identified as usable,” Beddome said. Daniel Kearney and Austin Tidwell of Allen Sigmon Real Estate Group were the brokers for the lease. Beddome said he’s leasing the space for a little over $3,000 a month.
Minor tenant improvements are planned for the space as well, but Beddome didn’t have a price tag for that construction and said he is still looking for a contractor.
New Mexico is among a wave of expansion for Titan, which is also headed to Nevada, Texas and Florida.
“We just have a number of sales teams in Arizona that have expressed interest in selling to other states including New Mexico,” said Beddome. He also said there was already an existing base of solar customers here and said it was a “great sunshine producing state.” Titan will be bringing some jobs as it enters the market. Initially about six to 10 people are planned for the Albuquerque team, which is expected to hire locally.
Story originally reported on the Albuquerque Business First: https://www.bizjournals.com/albuquerque/news/2017/09/27/new-to-market-solar-company-expands-to-new-mexico.html
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