That will change Enchant’s schedule to take over the plant but also gives the company three more months to work out deals with the plant’s many owners.
Navajo energy company invests in carbon capture effort | Technology
Enchant CEO Cindy Crane said she does not oppose PNM’s extended operations and also welcomes NTEC as an investor.
“Our shared goals include giving back to our community, while using cutting-edge technology to decarbonize electric power, enabling sustainable development, and demonstrating that CCS can help avoid emissions from existing power plants through retrofits," she said. "NTEC’s expertise will be invaluable.”
Enchant first announced in 2019 that it planned to convert the San Juan plant by installing equipment that would capture carbon emissions. That carbon dioxide would then be sent via pipeline to storage sites in New Mexico and Texas where it could be used to help with oil production.
With the investment, Lund said NTEC is furthering its commitment to diversifying its portfolio by acquiring shares in an enterprise focused on addressing the challenge of meeting climate goals through capturing and sequestering carbon emissions from existing power plants and industrial facilities in the western U.S.
The investment was not well received by the Navajo environmental group Diné C.A.R.E, which argued that such carbon capture projects have not been successful in the U.S.
Gloss