The Colorado Economic Development Commission approved more than $10 million in tax incentives Thursday to three companies looking to expand along the Front Range.

The largest incentive of $6.25 million was awarded to an unnamed solar manufacturer looking for other options to build its first solar cell factory under the code name “Project Phoenix.” It’s considering developing in El Paso County, in or near Colorado Springs. The EDC typically keeps the names of companies seeking incentives confidential in the competitive process to attract businesses from going to other states.

At Thursday’s EDC meeting, Hari Achuthan spoke on behalf of Project Phoenix. Achuthan is the CEO and founder of solar manufacturer Convalt Energy.

“We do want to set this factory up in Colorado Springs,” Achuthan told the EDC over Zoom. “As we execute, we would probably be the largest cell factory in the U.S.”

The company is looking at various “alternatives” to build a solar cell factory, according to the EDC. It’s also considering New York.

Convalt Energy has been planning to build a solar panel manufacturing plant in Watertown, N.Y. But those developments have stalled or may not go through at all as the company’s land development agreement expired in November, local outlets in Watertown reported. Officials in the New York town are preparing to move ahead with or without Convalt.

El Paso would already be home to a solar cell factory if earlier plans hadn’t fallen through.

In July 2023, Swiss company Meyer Burger announced it had chosen Colorado Springs as the site for its first solar cell manufacturing facility in the U.S., with the promise of bringing more than 350 jobs to the area. The cells manufactured in the Springs would have supplied a Meyer Burger solar module production facility in suburban Phoenix. But last August, Meyer Burger said it was scrapping its Springs plan, saying it was “no longer financially viable.”

Project Phoenix is expected to generate 378 jobs for the state with an average annual wage of $105,500. Job options would vary from C-level executives, engineers and productions operators, according to the EDC.

The $6.25 million in job growth tax incentives would be for a period of eight years if the company chooses to build a solar plant in Colorado. Proof of the hires must be supplied before incentives are granted.

The EDC approved another large incentive package to a financial services company based in Colorado for $3.8 million. The unnamed company dubbed “Project Omega” is considering opening a new operations center in Boulder County.

It’s also considering expanding to Illinois, Michigan and North Carolina, according to the EDC.

It would be a major expansion for the company, which currently has 48 employees. The new ops center is expected to add 232 jobs to the state with an average annual wage of $213,00.

The last incentive package went to a company described as “Project Legacy,” a risk management and insurance brokerage firm looking to expand into the West. The firm is looking at potentially expanding to Arapahoe County.

The EDC awarded the company $1.7 million over eight years. Project Legacy is also considering Kansas City, Missouri.

The expansion is expected to bring 124 jobs to Colorado with an average wage of $158,000. The firm is interested in Colorado because of its talent, tax climate and potential clientele, according to the EDC.

Gazette business editor Bill Radford contributed to this report.