The Albuquerque City Council has approved the issuance and sale of up to $776.6 million in taxable Industrial Revenue Bonds (IRBs) to support Pacific Fusion Corporation’s plan to build a research and development headquarters at Mesa del Sol in District 6. The facility will focus on advancing pulsed magnetic inertial fusion technology.
Councilors passed two measures related to the project. Ordinance O-25-96 authorizes up to $10 million in Local Economic Development Act (LEDA) funding, with $9 million coming from the State and $1 million from the City, for construction of Pacific Fusion’s proposed 225,000-square-foot facility. Ordinance O-25-97 allows for the issuance of IRBs that will provide property and gross receipts tax incentives for the project. The City clarified that it holds no financial liability for these bonds; Pacific Fusion is responsible for purchasing and repaying them.
“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, who sponsored the bill. “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 arrangement is structured so that Pacific Fusion acquires the bonds themselves. According to city officials, the project could generate more than $1.17 billion in economic impact over ten years and remain tax-positive throughout the bond term. Both legislative measures include performance-based safeguards tying public funds and incentives to job creation, facility operation, and community contributions.
If Mesa del Sol is chosen as the site, operations at the new 225,470-square-foot facility could begin by mid-2027.
