Colorado State Land Board Reaches Major Renewable Energy Milestone with Approval of Mirasol Solar Lease

DENVER - The Colorado State Board of Land Commissioners (State Land Board) announced a major milestone for advancing renewable energy with the approval of a solar production lease for the Mirasol Energy Center in Pueblo County.

The lease authorizes Mirasol Energy Center to construct and operate solar facilities on approximately 1,140 acres of state trust land. The initiative is expected to generate 120 megawatts, enough to power 36,000 homes, on trust land and is projected to generate more than $26.3 million for Colorado's Public School Trust over the life of the lease. With this approval, the State Land Board has permitted approximately 806 megawatts, exceeding the Governor's goal of 800 megawatts, of renewable energy capacity on state trust lands by June 30, 2027.

"The approval of the Mirasol Solar lease is an example of how we work together to deploy more lower-cost clean energy solutions to power our way of life. By putting our state trust lands to work generating solar power, we're saving Coloradans money, reducing pollution, protecting our environment, better funding our schools, and achieving our clean energy goals. This is what building a stronger, more sustainable Colorado For All looks like," said Governor Polis.

"Colorado's state trust lands continue to demonstrate that responsible renewable energy development can deliver lasting benefits for both our beneficiaries and the people of Colorado," said Nicole Rosmarino, Director of the Colorado State Land Board. "Each of our renewable energy projects strengthen our ability to generate enduring revenue for public schools while helping the state achieve its broader clean energy goals."

Renewable energy has become one of the State Land Board's fastest-growing revenue sectors. The agency now manages one of the largest renewable energy portfolios in Colorado, with projects spanning wind, solar, battery storage, and transmission infrastructure. Today's approval builds on years of strategic investment and continues to diversify long-term revenue for trust beneficiaries.

The Mirasol initiative is part of a 200-megawatt solar facility and represents a $540 million capital investment, connected to Public Service Company of Colorado's electric system through a new 230-kilovolt transmission interconnection. Construction is expected to begin in 2027, with commercial operations anticipated in winter 2028.

The lease also reflects the State Land Board's commitment to balancing renewable energy development with responsible stewardship. The project incorporates best management practices developed by agency staff, including measures to minimize site disturbance, restore native vegetation following construction, and fully reclaim the site when the lease ends. Another key highlight of this project is collaboration with Colorado's agricultural community. State Land Board staff coordinated closely with the agency's agricultural program and neighboring landowners opted to participate in the project on their private lands.

"Colorado's energy future is being built on lands that are also generating lasting value for Colorado students," said Christopher Smith, State Land Board Assistant Director for Energy Innovation. "Projects like Mirasol show how thoughtful planning, strong partnerships, and responsible stewardship can help meet the state's growing energy needs while fulfilling our constitutional mission."

The Mirasol Solar Project directly benefits Colorado's public schools as the ground lease's generated revenue will be distributed to the Colorado Department of Education's (CDE) Building Excellent Schools Today (BEST) program and the School Finance Act. This approval advances the State Land Board's Strategic Plan by generating dependable, long-term revenue for Colorado's public schools while supporting resilient land management and helping meet statewide energy priorities.

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About the Colorado State Board of Land Commissioners:

The Colorado State Land Board is a constitutionally created agency that manages a $6 billion endowment of assets for the intergenerational benefit of Colorado's K-12 schoolchildren and public institutions. The agency is the second-largest landowner in Colorado and generates revenue on behalf of beneficiaries by leasing three million surface acres and four million subsurface acres for agriculture, grazing, recreation, commercial real estate, rights-of-way, renewable energy, oil, gas, and solid minerals. The agency is entirely self-funded and receives no tax dollars.