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Spanish company plans New Mexico solar plant

A Spanish company plans to invest $1 billion to build a large solar energy production plant in New Mexico.

Gov. Bill Richardson joined Wednesday with executives of GA-Solar and its parent company, Gestamp Corp., to announce the photovoltaic solar plant. It will cover 2,500 acres near Santa Rosa in eastern New Mexico.

The plant will take four years to complete and will produce 300 megawatts of electricity, enough to supply power to 50,000 households a year.

The project will employ 300 construction workers and provide 75 permanent jobs.

Power produced by the plant will qualify for state tax breaks for renewable energy.

Madrid-based Gestamp is a multinational company producing automotive and steel components and has renewable energy projects.