The $840 million solar manufacturer set to come to the Belen area has run into another stumbling block after the company was unable to secure funding for the first phase of the project.

The $840 million solar manufacturer set to come to the Belen area has run into another stumbling block after the company was unable to secure funding for the first phase of the project.

Earlier this month, the U.S. Department of Energy rejected a loan guarantee for Signet Solar Inc., an assurance on a bank loan that was meant to back 80 percent of the $220 million for the initial phase of the four-part expansion, according to Jim Wood, vice president of Coast Range Investments, the developer of the project.

Wood said he received a letter on Jan. 14 that said the loan guarantee was not accepted, a step that would have paved the way to build infrastructure for Signet Solar, a global solar manufacturer that was expected to create 600 jobs in Valencia County over a four-year period.

The latest news looks to have created a domino effect, and has prompted the New Mexico Department of Transportation to announce a work stoppage on the North Belen Interchange in "the near future," and will reevaluate the amount of work that can be done after starting the project about three weeks ago.

Wood said Coast Range Investments is appealing the Department of Energy's decision in a process that could take as long as six months. He said the investment company will wait until the matter is resolved before contributing its $4 million for its portion of the project.

The interchange, which was expected to be completed in July, is expected to eventually give motorists better access to Interstate 25 from Belen Business Loop 13, and include access to the west of the interstate where Signet is planned to build.

"We are committed to complete the interchange," Wood said.

"Whether the interchange will be completed by July is another question."

Wood and Coast Range Investments are part of an two-party agreement with the department of transportation to fund the $8 million interchange project along I-25 that would include four new ramps that would run diagonal to the interstate.

Mark Slimp, a spokesman for DOT, said the parties, along with the contractor, plan to meet in the next week or so to determine "the amount of work we can successfully accomplish in the light of the potential funding shortfall."

"We need to meet with the contractor to find a logical stopping point," Slimp said. "We don't know what that is yet."

Slimp said the impact on traffic should be minimal with restrictions currently affecting I-25 from mile marker 194 to 197 in both north and southbound directions.

The latest postponement isn't the first time the project has been halted.

Last August, construction of the interchange was temporarily stalled after concerns that included heavy train traffic through the area during the fall months.

About 80 to 120 trains flow through the area during the busiest months, and all parties agreed to hold off on the project until the first part of this year.

But Wood said he is confident the appellate process will go well even after Signet spend hundreds of thousands of dollars to obtain the loan guarantee for the expansion.

Wood said he could know more about the outcome of the appeal in the next 30 days.

"It was shocking, not unexpected," Wood said. "The application was rejected for reasons we don't agree with. But this deal isn't simple. It's very complex and it's important that we get it done. We are working on that."

Slimp said the meeting between DOT and the contractor, A.S. Horner, will help shape the scope of the project over the next few months.

"We don't want to put taxpayers on the hook for the entire project," Slimp said.

"At the same time, we want to make needed improvements to accommodate growth and encourage economic development in Valencia County."

Contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it