Search

WELCOME TO GUZMAN ENERGY

tw-icon
tw-icon
tw-icon

News

Albuquerque Business First

Growing energy company strikes business deal with one of area’s biggest mineral rights owners

Florida-based Guzman Energy on Tuesday announced a power purchase agreement with the Jicarilla Apache Nation.

Guzman Energy will provide power to the nation, which has 3,500 members, for seven years, according to a news release.

Financial terms of the agreement weren’t disclosed.

The Jicarilla Apache Nation covers 377,000 acres of land in the San Juan Basin. Members of the nation manage 2,000 oil and gas-producing wells. The nation is the largest mineral rights owner in the basin after the United States government, according to the Energy Information Administration.

“We are pleased to work with the Jicarilla Apache Nation to ensure their access to a safe, reliable, and cost effective electricity supply,” said Jeffrey Heit, managing director, Guzman Energy.

Guzman Energy is growing its business presence in New Mexico. The energy company recently signed contracts through its affiliate, Guzman Renewable Energy Partners, to supply power to the city of Aztec in northwest New Mexico and the Kit Carson Electric Cooperative, which distributes power to Taos and its surrounding areas in northern New Mexico. That deal is is expected to save the co-op’s 30,000 members more than $50 million over 10 years.

President Chris Riley told Business First then that Guzman was in discussions for other deals in the state, and expected the northwest and Four Corners area to continue to open up.

Energy-related revenue was a $1.01 billion slice of the state’s general fund in fiscal year 2015, according to the New Mexico Tax Research Institute.

Story courtesy of the Albuquerque Business First

Date

November 23, 2016

Like