SCHOTT Solar Selects Mesa Del Sol for New Solar Manufacturing Plant
Forest City Enterprises, Inc. (NYSE:FCEA)(NYSE:FCEB) announced today that SCHOTT AG, a global leader in glass and optics and one of the largest solar technology manufacturers in the world, will build a 200,000 square foot manufacturing facility for SCHOTT Solar, Inc., its wholly owned subsidiary, on 80 acres at Mesa del Sol, a 12,900 acre mixed-use project in Albuquerque, NM.
Mesa del Sol is being developed by Forest City Covington NM, LLC, a joint venture between Forest City NM, LLC, a subsidiary of Forest City Enterprises, and Covington NM, LLC, an affiliate company of Covington Capital Corporation.
SCHOTT brings an initial 350 jobs and as many as 1,500 jobs when all phases of the plant are complete. The worldwide company will produce critical components for solar thermal receivers and photovoltaic (PV) panels. SCHOTT is the second solar manufacturer to join the Mesa del Sol renewable energy cluster. This will be the company’s largest facility in the U.S.
“One of the top solar companies in the world has decided that Mesa del Sol is the best place to build and staff their new manufacturing plant,” said Michael Daly, president of Forest City Covington, developer of Mesa del Sol, in making the announcement. “This announcement demonstrates that Mesa del Sol is successfully continuing its economic development commitments and that Mesa del Sol is focused on creating high-value jobs.”
Plans call for an initial $100 million investment. Construction on the first phase of the project is set to begin in a few weeks, with production expected to begin in Spring 2009.
“I am committed to making New Mexico a clean energy state,” said Gov. Bill Richardson. “I am pleased SCHOTT is opening a factory and bringing more alternative clean energy development to the state.”
“SCHOTT is another example of Mesa del Sol’s successful economic development strategic approach to attract businesses and jobs to New Mexico,” said Daly adding, “Key to SCHOTT’s selection of Mesa del Sol is the high level of commitment by the city, county and state; the site’s proximity to one of the leading research centers for solar energy, Sandia National Laboratories; New Mexico’s geographic proximity to key solar photovoltaic module and to concentrated solar power (CSP) markets of the Southwest and also, the state’s supportive business climate.”
Daly said SCHOTT’s selection of Mesa del Sol is also the result of coordinated strategic efforts and leadership by the State of New Mexico, City of Albuquerque, Bernalillo County, New Mexico’s congressional delegation, local economic development leaders, UNM, CNM, PNM, New Mexico State Land Office, Sandia National Laboratories, industry leaders and the economic development team at Mesa del Sol and Forest City.
“This type of strong collaborative economic development effort now underway in New Mexico is laying the groundwork for future success and positioning the region to not only sustain itself, but also grow and thrive,” said Daly. “The team went head to head with other U.S. cities to attract and bring SCHOTT to Albuquerque.
“SCHOTT is a major addition to the creation of a solar industry cluster in New Mexico,” said Daly adding, “It is exactly the type of renewable energy operations New Mexico is committed to attracting to the state. New Mexico has long been known as the oil and gas “energy state,” but with the location of companies such as Advent Solar and SCHOTT, the state is transitioning into a renewable energy state. Bringing SCHOTT to New Mexico will encourage solar energy production in our state and entice other alternative energy manufacturers and their suppliers to locate their operations at Mesa del Sol.”
Daly also singled out PNM for recognition during the announcement saying, “PNM continues to be key to the economic growth of our state by making investments in the vital infrastructure needed to attract these types of industries.”
“SCHOTT’s decision to manufacture in New Mexico helps place the state at the center of this renewable energy revolution we have been driving. Schott’s products will help reduce our nation’s reliance on fossil fuels, and will reduce green house gas emissions that cause global warming. SCHOTT’s creation of new jobs will be a great boost to our growing economy,” said U.S. Sen. Jeff Bingaman (D-NM).
“Welcoming SCHOTT Solar to New Mexico is yet another piece in making Mesa del Sol a successful community and an important part of Albuquerque’s future,” said Rep. Heather Wilson, (R-NM) who was key in securing $10 million in funding to build a new I-25 interchange near Mesa del Sol. “Attracting business and homeowners to Mesa del Sol will require that it has excellent infrastructure, including roads, water and schools.”
Mayor Martin J. Chávez declared, “This is a great day for Albuquerque, with the addition of SCHOTT Solar, an internationally recognized leader in the alternative energy industry. Albuquerque continues to be the city that many national business and technology publications consider one of the best in the nation for business expansion and technology professionals.” Chávez stated, “Sustainable energy is at the forefront of my administrative priorities, and companies like SCHOTT strengthen our community’s position as a national model in the development of leading-edge ‘green collar’ jobs.”
SCHOTT is a privately held, 120-year old company that is a world leader in high-tech glass and glass-ceramics. SCHOTT is one of the largest solar manufacturers in the world, with operations in 41 countries and almost 17,000 employees. It is only one of two companies worldwide that manufactures solar receiver tubes, which are the most critical component of concentrated solar plants. The company has sales of approximately $3 billion.
About Mesa del Sol
Mesa del Sol is a 12,900-acre mixed-use district located on Albuquerque’s south mesa. By combining job creation and sustainable urban community planning, Mesa del Sol will reflect a balance of environmental resources, economic objectives and social amenities in a community that is forward-looking with a highly defined sense of place.
Mesa del Sol is a true public/private partnership. In addition to Forest City Covington, NM, LLC, Mesa del Sol is being developed in conjunction with other partners, including the New Mexico State Land Office, the University of New Mexico, with the support of the City of Albuquerque, Bernalillo County and the State of New Mexico.
About Forest City Covington
Forest City Covington NM, LLC is a joint venture between Forest City Enterprises, Inc. and Covington NM, LLC. Forest City Enterprises, Inc. is a $10 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. Covington NM, LLC is an affiliate company of Covington Capital Corporate, a major real estate development and investment company. Covington Capital and its affiliate companies currently own more than 13 million square feet of commercial/industrial space and are actively developing more than 17,000 acres of land in the Western United States.
Safe Harbor Language
Statements made in this news release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company’s actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Real estate development risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the inability to secure sufficient financing on favorable terms, construction risks, increases in commodity costs, the inability to obtain required governmental permits and authorizations, the inability to secure tenants or anchors for the project, the withdrawal of a prospective anchor or project partner, opposition from third parties, competition in the target market, economic conditions in the target market, the adverse impact of environmental matters, softening of the housing market, and other risk factors as disclosed from time to time in the Company’s SEC filings, including but not limited to, the Company’s annual and quarterly reports.