Chevron Corp. to build solar plant on part of New Mexico metals mine

Chevron to build solar plant in New Mexico

NEW YORK — Chevron Corp. said Tuesday it will build a solar power plant near a mine that a subsidiary operates in New Mexico.

The plant will generate electricity by spreading 175 solar panels across 20 acres at Chevron’s molybdenum mine in the village of Questa.

San Ramon, Calif.-based Chevron, the country’s second-largest oil company, didn’t disclose how much it would cost to build.

Kit Carson Electric Cooperative has agreed to buy the energy generated from the 1-megawatt plant through a power-purchase agreement. Construction is scheduled to begin in the spring.

Chevron Technology Ventures, the subsidiary that’s building the plant, views the plant as a demonstration site that will teach the company how to use solar on other properties.

Chevron shares fell 92 cents to $72.04 in Tuesday trading.