ALBUQUERQUE, NM – Tonight, the Albuquerque City Council has approved two landmark pieces of legislation, authorizing the issuance and sale of up to $776.6 million in taxable Industrial Revenue Bonds (IRBs) to facilitate Pacific Fusion Corporation's construction of a cutting-edge research and development headquarters at Mesa del Sol in City Council District 6. This facility will be dedicated to advancing pulsed magnetic inertial fusion technology.
The first measure,
O-25-96, authorizes up to $10 million in Local Economic Development Act (LEDA) funding — $9 million from the State and $1 million from the City — to support the construction of Pacific Fusion’s proposed 225,000-square-foot research and development facility. The second Ordinance,
O-25-97, authorizes the issuance of $776.6 million in Industrial Revenue Bonds (IRBs) to provide property and gross receipts tax incentives for the project. Importantly, the City bears no financial liability for these bonds; Pacific Fusion will purchase and repay them itself.
"If selected as Pacific Fusion’s home, this would be an incredible win for Albuquerque's future," said District 6 City Councilor Nichole L. Rogers, the bill's sponsor. "By approving the LEDA and IRB funding, the City is demonstrating its commitment to be a leader in clean energy innovation and high-tech job creation. This project would bring over 200 high-wage, permanent jobs and nearly 1,000 construction jobs to our community and would also advance global efforts to commercialize fusion energy. It's a testament to our commitment to a sustainable and prosperous economy that benefits all residents."
The project is a self-purchase arrangement, meaning the Pacific Fusion will acquire the bonds themselves. The project is expected to generate more than $1.17 billion in economic impact over the next decade and remain tax-positive throughout the bond term. Both measures include performance-based safeguards to ensure public funds and incentives are tied to job creation, facility operation, and community contributions.
If the Mesa del Sol site is selected, the 225,470-square-foot facility could begin operations by mid-2027.
