The auction of a 650-acre Arizona State Trust Land site, the planned location for the proposed LG Energy Solution battery plant in Queen Creek, went off as expected this week. The international energy and electronics giant was the sole bidder, paying the minimum of $84.44M for the site at the NEC of Ironwood and Germann Roads.
Last month, AZBEX was the first outlet to report on plans for the estimated $2.8B, 1MSF project, which includes development and intergovernmental agreements between LG Energy Solutions Ltd., Pinal County and the Town of Queen Creek. (AZBEX; March 18th). The project has since been covered extensively in regional and global media and was confirmed by LGES March 23rd. The initial investment is targeted at $1.4B, according to sources released since the development agreements were made public.
On April 19th, the Arizona Commerce Authority issued a celebratory press release on the project. Officials including Governor Doug Ducey, ACA President and CEO Sandra Watson, Greater Phoenix Economic Council President and CEO Chris Camacho, Pinal County Board of Supervisors Chairman Jeffrey McClure, and Queen Creek Mayor Gail Barney all expressed their pleasure and support for the project and its impacts on area economic development efforts.