Green 2V, a renewable energy company, is planning to build its corporate headquarters in Rio Rancho. The site will house the firm’s research, development and manufacturing operations. Construction is to start this summer on the million square foot facility in a new commercial/industrial area next to V. Sue Cleveland High School. The company expects to hire 1,500 workers over the next five years, and have an annual payroll of $64 million. Green2V also plans to build more manufacturing facilities around the state.

Rio Rancho city councilors have approved arrangements to provide land and financing. $500 million in industrial revenue bonds will enable Green2V to build the plant. The company will be required to repay the bonds. The city will buy the 124-acre site from the State Land Office and resell it to Green2V. The city councilors have authorized a number of other major incentives as well.