Argentine Investment in Clean Energy
PCR (Petroquímica Comodoro Rivadavia), an Argentine energy and industrial group, is deepening its U.S. renewables push with the Diamond Tail Solar + Storage project, one of the most ambitious solar developments in New Mexico.
Through its subsidiary PCR Energy US, headquartered in Houston, the company plans to build a 220-megawatt solar park paired with a 110 MW / 440 MWh battery energy storage system (BESS). The project would deploy 114 Tesla Megapack units to ensure grid stability and flexible dispatch.
Strategic location in Sandoval County
The project would be located at Diamond Tail Ranch in Sandoval County, about 15 miles (24 kilometers) east of El Llanito, near the border with Santa Fe County and close to the Turquoise Trail (NM-14). The solar facility would span approximately 1,833 acres (743 hectares) within a leased property of roughly 18,000 acres.
With an estimated investment of $450 million, Diamond Tail is expected to generate more than 607,000 megawatt-hours of clean electricity annually — enough to power about 60,000 homes. The output would displace part of the coal-fired generation currently serving customers of Public Service Company of New Mexico (PNM), reduce water consumption by an estimated 11.6 billion gallons and avoid 1.4 million metric tons of CO2 emissions per year.
The BESS, using Tesla Megapacks — described by PCR as “one of the safest storage products of its kind” — would provide four hours of storage capacity. That would help optimize energy delivery during peak demand and support New Mexico’s statutory goal of reaching 100% renewable electricity by 2045. The project would interconnect with an existing PNM substation, facilitating integration into the grid.
Key milestones: moving closer to realization
Since the project’s public launch in October 2024, the timeline has included several key steps:
- October 2024: Public presentation and community meetings.
- February 2025: Approval of a zoning change — from rural agricultural to special use — by the Sandoval County Commission in a 3-2 vote, despite local opposition from groups such as East Mountains Protection Action Coalition (EMPAC). Opponents questioned PCR’s fossil fuel and cement background, its lack of prior utility-scale solar experience and potential risks associated with lithium-ion batteries.
- April 2025: A legal appeal filed by opponents in the 13th Judicial District Court remains pending.
- May 2025: Authorization of industrial revenue bonds of up to $497 million to support project financing.
PCR is now seeking a power purchase agreement with PNM and regulatory approval from the New Mexico Public Regulation Commission.
Along these lines, if it moves forward, Diamond Tail would become one of the largest solar parks in New Mexico and a milestone in PCR’s international expansion strategy. The company already has about 700 MW of solar capacity in the U.S. development pipeline — in Iowa, Illinois, Louisiana, Tennessee, Alabama, Georgia and Texas — complementing its 527 MW of operating wind capacity in Argentina.